Investment of property outside India by resident and taxation under Black Money Act, 2015

FCS Deepak Pratap Singh | Last updated: 20 January 2022

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Indian residents can acquire property outside India under specific Foreign Exchange Management Act (FEMA) regulations, often requiring RBI approval. However, certain exceptions exist, such as for foreign nationals or property inherited. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, imposes a 30% tax on undisclosed foreign income and assets, with significant penalties for non-compliance.

Dear Friends, As you are aware that the Foreign Exchange, Management Act, 1999(FEMA) empowers the RBI to frame regulations to prohibit, restrict or regulate the acquisition or transfer of immovable property outside India by persons residents in India. The regulations governing acquisition and transfer of immovable property outside India are notified under Notification No. FEMA 7(R )/2015-RB dated January 21, 2016 as amended from time to time. The RBI has came out with Foreign Exchange Mana

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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