New Delhi, Feb. 25 -- -Name withheld on request

If you have acquired assets (such as immovable property, shares, etc.) or earned income outside India when you were residing overseas, then you will not be required to liquidate the assets or repatriate the sale proceeds or income to India when you move back to India from the US. This includes assets inherited by you when you were residing abroad. You may continue to hold and transfer these assets and invest the income even after you become an Indian resident.

This fundamental principle emerges from Section 6(4) of the Foreign Exchange Management Act, 1999, which grandfathers holding of assets by 'persons resident in India' which were acquired, held or owned when the individual was a 'pers...