Best approach to transfer large funds from India to UK
Posted: Tue Oct 13, 2015 2:54 pm
Hi,
I have an unusual query, may be someone who may have encountered the same situation in the past would be able to give me some advice.
Basically I have invested in a flat back home in India. This investment was made in early 2012 and property is nearly finished. Over the years I have transferred funds from my UK bank account to NRI bank account and from there I have paid instalments to the builder.
Since the flat is nearly finished and there are potential buyers who are interested in buying my flat. The flat would sale for nearly 30 lacs, roughly near 30,000 pounds.
As you can appreciate it is easy to send funds from the UK to India but is relatively harder to get funds back to the UK. I require this money to buy a property in the UK. I have a potential buyer who is willing to transfer the funds from his Indian bank account to my UK bank account. However, my question is there a limit to which someone can transfer funds from India to UK, are there any tax implications, and how does the UK bank account consider this large transfer of funds?
Thanks for reading my post. I would appreciate if you could help me understand the best approach to get the funds in the UK.
Thanks
Romi
I have an unusual query, may be someone who may have encountered the same situation in the past would be able to give me some advice.
Basically I have invested in a flat back home in India. This investment was made in early 2012 and property is nearly finished. Over the years I have transferred funds from my UK bank account to NRI bank account and from there I have paid instalments to the builder.
Since the flat is nearly finished and there are potential buyers who are interested in buying my flat. The flat would sale for nearly 30 lacs, roughly near 30,000 pounds.
As you can appreciate it is easy to send funds from the UK to India but is relatively harder to get funds back to the UK. I require this money to buy a property in the UK. I have a potential buyer who is willing to transfer the funds from his Indian bank account to my UK bank account. However, my question is there a limit to which someone can transfer funds from India to UK, are there any tax implications, and how does the UK bank account consider this large transfer of funds?
Thanks for reading my post. I would appreciate if you could help me understand the best approach to get the funds in the UK.
Thanks
Romi