OCI holder buying property in Mumbai : Mode of Payment
This query is : Resolved
Puja Doshi
(Querist)
20 November 2023
Hi
I am an OCI holder and my mother is resident indian. I plan to buy a residential property in Mumbai from a resident indian seller.
If I buy property in my name(non resident OCI holder) and my mother (Resident Indian)
AND
Make payment in ratio of 5% from my NRE account & 95% from my mother's resident account
AND
have agreement with ownership rights in ratio of 95% under my name & 5% under mother's name
AND
deduct 1% of TDS for seller
Will I be OK from Violation, Taxation and other hassles in future?
Appreciate you genuine inputs, help and support. Thank you
Regards
Puja Doshi
I am an OCI holder and my mother is resident indian. I plan to buy a residential property in Mumbai from a resident indian seller.
If I buy property in my name(non resident OCI holder) and my mother (Resident Indian)
AND
Make payment in ratio of 5% from my NRE account & 95% from my mother's resident account
AND
have agreement with ownership rights in ratio of 95% under my name & 5% under mother's name
AND
deduct 1% of TDS for seller
Will I be OK from Violation, Taxation and other hassles in future?
Appreciate you genuine inputs, help and support. Thank you
Regards
Puja Doshi
15 January 2024
This should help https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1855#:~:text=The%20payment%20can%20also%20be,cheque%20and%20foreign%20currency%20notes.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
