An NRI or OCI can repatriate from their NRO account up to US$1 million per financial year - and this ceiling includes inherited money, the sale proceeds of inherited shares or property, rent, interest and pension. Repatriation requires applicable taxes to be paid and a Chartered Accountant's Form 145/146 (formerly 15CA/15CB) certification. India has no inheritance or estate tax, but a capital gain arises when inherited assets are sold.
The US$1 million scheme, in plain terms
Under FEMA, balances and current income in an NRE/FCNR account are freely repatriable. Funds in an NRO account - where most inherited and India-source money sits - are repatriable up to an aggregate of US$1 million per financial year (April to March). Crossing that ceiling requires RBI approval. The limit is per individual, so spouses inheriting jointly each have their own US$1 million.
Claiming and repatriating inherited shares
First, establish title - transmission of shares to the legal heir using the will, succession/legal-heir certificate or probate. Second, re-designate the holding to the NRI's NRO demat/account. Third, sell if desired - a capital gain may arise, and the previous owner's cost and holding period are inherited for indexation and long-term treatment. Fourth, repatriate the net proceeds within the US$1 million limit via Form 145/146 (formerly 15CA/15CB).
Inherited property
Inherited property can be held or sold. On sale by an NRI, the buyer must deduct TDS under Section 393 (earlier section 195); the gain is computed using the original owner's acquisition cost and date. Net, tax-paid proceeds are repatriable within the US$1 million ceiling. Where TDS exceeds the actual liability, apply for a lower-deduction certificate (Form 128 (earlier Form 13) / Section 395 (earlier section 197)) before sale. See our property repatriation hub for the full workflow.
The compliance spine: Form 145/146 (formerly 15CA/15CB)
NRO repatriation requires a review of Form 145 (formerly 15CA), the remitter's declaration, and Form 146 (formerly 15CB), the CA's certificate, where applicable under the remittance rules. A CA certificate is not required for every remittance; the applicable category, exemptions and bank documentation must be checked. RTA & Associates' note on the process: The road to claiming inherited shares in India. See also our deep dive on repatriation of inherited assets.
How NRI Blueprint helps
We handle the full chain - succession documentation, capital-gain computation, lower-TDS certificate, and Form 145/146 (formerly 15CA/15CB) - so your inheritance reaches you abroad cleanly and within FEMA limits. Book a strategy call.