Foreign remittance - fema

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Ankur Soni (Querist)
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03 August 2011 Sir
My client wants to receive a payment of Rs.1.5 crore from a foreign party in his bank a/c for the purpose of investing in a Land in India. (Both are like partners in it).
Now under what heading we should take payment so that we don't get stuck under the laws of FEMA?
Also we can't take it as a gift as it will become taxable in my client's hand.
Kindly suggest.

Thanks and regards.
Ankur Soni, ACA

Sudhag

Sudhag (Expert)
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05 August 2011 Dear Sir,

Please inform the residential status of foreign Party under FEMA. FOr residential stayus under FEMA please see section 2(v) of the FEMA.

Many thanks and best regards,
CA. Sudha G. Bhushan
sudhag999@gmail.com

Ankur Soni

Ankur Soni (Querist)
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05 August 2011 The person making payment from foreign is Non Resident and receiver is resident.

Sudhag

Sudhag (Expert)
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05 August 2011 Dear Sir,

Kindly inform the following as well

what is the type of Land.

Is it Agricultural Land?

from which authority it shall be purchased?
Shall it be transferred in the joint name?

Regards,
Sudha

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