What about transferring money from India to Germany?
Does anybody know? My parents lived here for more than 30 years. Saved some money there and also have a house/property in Hyderabad. We want to sell that and bring the amount here, since we are now settled here. How about this money, is it possible to transfer it legally and in straight forward manner through banks? Do we have to pay tax for this amount in Germany? I think, since it is an income from outside Germany, selling our property, we don’t have to pay tax, if we are able to show proof?

Does anybody have any idea..?

May be a good place to start :

http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html#12

just to let you know, i have no clue on these kind of transactions.

The only thing that i wonder is , have your parents ever declared this property in india as a property of theirs when declaring tax returns in germany. How was this acquired ?. What has been happening to the income earned by this property in the past 30 years. I guess you should be prepared to answer these questions , however i believe Abgeltungssteuer is applicable ( http://de.wikipedia.org/wiki/Abgeltungsteuer ) and also progressive lohnsteuer.

anyways, out of curiosity, why is that your parents want to sell the property and bring everything to germany ?. Any special reasons ?.

If your parents do not have any links to india and this is the only way, your parents should be prepared to shed c.a 30% to the govt. Am not sure on what other issues are around it. I believe you are talking about amount in 6/8 Digits.


PS : I am not a tax advisor and so this is just my view and not binding, but it would be great to know more on what the final outcome was. Please keep us posted.

Please send your contact details:I wil ask my tax advisor call you.

Did you get a solution for this issue ? Éven I want to bring some amount from India to Germany. Please let me know or give me your number so that I can call you.- My number is 0176 22793314