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Fema rules

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(Querist)
14 July 2012 AN NRI WANTS TO PURCHASE A FLAT IN INDIA THROUGH HIS FATHER WHICH MEANS NRI SON SENDS FUNDS TO HIS FATHER AND HIS FATHER PURCHASES PROPERTY ON HIS SON'S NAME IN INDIA..IS THERE ANY VIOLATION OF FEMA RULES IN THIS REGARD?
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
15 July 2012 Here the NRI can directly send funds in his NRO/NRE account and transfer the funds to builder or he can also send the money directly to the builder from his account outside India.

Also NRI can open NRE account jointly with his father .

Anuj
femaquery@gmail.com
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Shashank

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Shashank (Expert)
17 July 2012 Agreed with Anuj Sir,

I am an NRI and have also bought property in INDIA, without any hassle.

Just route your money through NRE/ NRO account to the developer. There is no violation of FEMA.

Shashank
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