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 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 15CA/15CB.
Inherited property
Inherited property can be held or sold. On sale by an NRI, the buyer must deduct TDS under 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 13 / Section 197) before sale. See our property repatriation hub for the full workflow.
The compliance spine: Form 15CA/15CB
Every repatriation from NRO needs Form 15CB (a CA's certificate that the correct tax has been paid) and Form 15CA (your declaration). This is the document that satisfies the bank and the RBI. 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 15CA/15CB - so your inheritance reaches you abroad cleanly and within FEMA limits. Book a strategy call.