02 September 2011
An NRI has remitted FOREX for advance booking of a flat in an under construction building in India. Q1) what provisions need to be complied with for the said remittance by both the parties?
Q2} Is this case covered under deemed export? What are the benefits extended by the government to the builder?
Q3}If the builder imports any raw materials than what provisions need to be complied with?
29 September 2011
As far as FEMA is concerned this remittance will fall under general permission of RBI. An NRI can invest in India in immovable property except the agricultural land/farm house/plantation property without any permission from RBI till the time the payment is through normal banking channel /or thorugh debit to non resident account in India.
CAclubindia
