14 September 2011
In one of the case the party is developing flats and for that it has received money in foreign currency from A (NRI) through proper banking channels. However the sale deed is to be made in the name of B (also NRI) as per the instruction of A. Can he do so and dose it involve any violation of FEMA?
24 September 2011
Is it a valid way? as in involve Foreign Currency transaction. Money recd. in one name and sale deed in another name. Evenif A gives indemnity or authority dose it any way make default to either of the party to the transaction?
29 September 2011
Under the general permission of RBI an NRI can make investment in the residential property.
Money has to be remitted through the following means : (1) Normal banking channel (2) Or held in his Non resident account.
A gift of immovable property from NRI to NRI is also permissible.
In your transactions however there are few issues. Since the sale deed is to be registered in the name of B it is sale to B. [for which money was not remitted as specified in the regulations]. If it gift from A to B. How can A gift to B a immovable property which he does not own. As this is direct transfer to B.
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