CAN NRI PURCHASE RESIDENTIAL PROPERTY IN INDIA
This query is : Resolved
15 April 2009
A NRI WANTS TO PURCHASE PROPERTY IN INDIA.
IS ANY RESTRICTION ON THE SAME? THE PAYMENT MODE WILL BE RUPEES OR IN FORIEGN CURRENCY.
IF NRI WANTS TO PURCHASE A HOUSE FROM HIS BROTHER, THEN WHAT WILL BE THE POSITION.
WHICH SECTION OF IT ACT, 1961 OR OTHER ACTS DEAL THE SAID CASE.
IS ANY RESTRICTION ON THE SAME? THE PAYMENT MODE WILL BE RUPEES OR IN FORIEGN CURRENCY.
IF NRI WANTS TO PURCHASE A HOUSE FROM HIS BROTHER, THEN WHAT WILL BE THE POSITION.
WHICH SECTION OF IT ACT, 1961 OR OTHER ACTS DEAL THE SAID CASE.
15 April 2009
As per FEMA section 6 NRI can purchase the residential property for his own occupation in india. The only conditions that all remmitence should be route through authorised dealer.
No implications w.r.t Income tax act.
No implications w.r.t Income tax act.
15 April 2009
agree with the expert
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