Puchase str
This query is : Resolved
11 September 2013
My friends son lives in Australia(NRI) He got married recently,It was a high profile marrige He got cash gift from guests of more than 20lacs plus jwellary etc.He wants to purchase residential plot in urban area He does not have bank a/c. Can he purchased this land in csh.How I T deptt will be in picture Total financial involvement is less tha 10lacs
12 September 2013
Dear Vimla,
You may open a NRO account and deposit the said sum of money. Generally a record is maintained at the time of wedding as to who gave what monetary or in kind gift.
Please keep maintain or create such records.
A NRI is permitted to receive gifts in rupee in a NRO account. The same money can then be used to buy the residential plot.
On the other hand you can do the whole thing in cash/benami deal. But I wont suggest that.
You may open a NRO account and deposit the said sum of money. Generally a record is maintained at the time of wedding as to who gave what monetary or in kind gift.
Please keep maintain or create such records.
A NRI is permitted to receive gifts in rupee in a NRO account. The same money can then be used to buy the residential plot.
On the other hand you can do the whole thing in cash/benami deal. But I wont suggest that.
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