.jpg)
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:16
|
Q.12 Can an NRI/ PIO/foreign national sell his residential / commercial property?
A.12. (a) NRI can sell property in India to-
i) a person resident in India or
ii) an NRI or
iii) a PIO.
(b) PIO can sell property in India to
i) a person resident in India.
ii) an NRI or
iii) a PIO – with the prior approval of Reserve Bank
(c ) Foreign national of non-Indian origin including a citizen of Pakistan or Bangaladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can sell property in India with prior approval of Reserve Bank to
i) a person resident in India
ii) an NRI
iii) a PIO
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:17
|
Q.13. Can an agricultural land / plantation property / farm house in India owned / held by a non-resident be sold?
A.13. (a) NRI / PIO may sell agricultural land /plantation property/farm house to a person resident in India who is a citizen of India.
(b) Foreign national of non-Indian origin resident outside India would need prior approval of Reserve Bank to sell agricultural land/plantation property/ farm house in India
|
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:18
|
Transfer of immovable property
in India
(ii) Transfer by Gift
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:20
|
Q.14. Can a non-resident gift his residential / commercial property?
A.14. Yes.
(a) NRI / PIO may gift residential / commercial property to -
(i) person resident in India or
(ii) an NRI or
(iii) PIO.
(b) foreign national of non-Indian origin needs prior approval of Reserve Bank.
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:21
|
Q.15. Can an NRI / PIO / Foreign national holding an agricultural land / plantation property / farm house in India gift the same?
A.15. (a) NRI / PIO can gift but only to a person resident in India who is a citizen of India.
(b) foreign national of non-Indian origin needs prior approval of Reserve Bank
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:22
|
Transfer of immovable property
in India
(iii) Transfer through Mortgage
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:24
|
Q.16. Can residential / commercial property be mortgaged?
A.16. i) NRI / PIO can mortgage to:
(a) an authorised dealer / housing finance institution in India –
without the approval of Reserve Bank.
(b) a party abroad - with prior approval of Reserve Bank.
ii) a foreign national of non-Indian origin can mortgage only with prior approval of Reserve Bank
iii) a foreign company which has established a Branch Office or other place of business in accordance with FERA/FEMA regulations has general permission to mortgage the property with an authorized dealer in India.
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:25
|
Mode
of
payment for purchase
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:27
|
Q.17. How can an NRI / PIO make payment for purchase of residential / commercial property in India ?
A.17. Payment can be made by NRI / PIO out of
(a) funds remitted to India through normal banking channel or
(b) funds held in NRE / FCNR (B) / NRO account maintained in India
No payment can be made either by traveller’s cheque or by foreign currency notes.
No payment can be made outside India.
|
|
|
Rahul Bansal
CA Final (Article )
[ Scorecard : 32569]
|
Posted On 07 January 2010 at 22:28
|
Q.18 What shall be the option if there is refund of application money / payment made by the building agencies / seller because of non-allotment of flat / plot / cancellation of bookings / contracts ?
A.18. The amount of refund, together with interest (net of income tax) can be credited to NRE account. This is subject to condition that the original payment was made by way of inward remittance or by debit to NRE / FCNR (B) account.
|
|
|
