Fema act procdure
This query is : Resolved
sachin sabale
(Querist)
29 September 2014
Hi,
Indian Citizen(Born India), join employment USA. Status of the said person as per FEMA Act NRI( Stay in aboard 182 day or more day previous 4-5 year). NRI person income earned in USA is transfer India at His Saving Bank Account and his family saving account in various date.Whether transfer of money is as per FEMA law ? NRI person can buy out of transfer money Immovbale property in india ?
NRI person Income receive in aboard Direct transfer to India his saving account & parent saving account.
Please reply as detail...
Indian Citizen(Born India), join employment USA. Status of the said person as per FEMA Act NRI( Stay in aboard 182 day or more day previous 4-5 year). NRI person income earned in USA is transfer India at His Saving Bank Account and his family saving account in various date.Whether transfer of money is as per FEMA law ? NRI person can buy out of transfer money Immovbale property in india ?
NRI person Income receive in aboard Direct transfer to India his saving account & parent saving account.
Please reply as detail...
CA R SEETHARAMAN
(Expert)
29 September 2014
Transfer of money earned by NRI to his NRO/NRE savings account and his relatives savings account is allowed as per FEMA. NRI can buy immovable property in India out of such transfer.
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