FEMA Foreign Investment
This query is : Resolved
MAKARAND DAMLE
(Querist)
06 June 2022
An Indian Citizen has purchased flat in Dubai
25% of the cost of flat is down payment and 75% to be paid over 6 years
This means flat is purchased on mortgage or payment scheme
Liability is created by way of this arrangement payable by Indian Citizes
My question is whether above arrangement is allowed under FEMA Act ?
25% of the cost of flat is down payment and 75% to be paid over 6 years
This means flat is purchased on mortgage or payment scheme
Liability is created by way of this arrangement payable by Indian Citizes
My question is whether above arrangement is allowed under FEMA Act ?
CA R SEETHARAMAN
(Expert)
06 June 2022
Yes, it's allowed under liberalised remittance scheme limits such purchase can be made.
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