Purchase of property by non resident in india.
This query is : Resolved
06 December 2012
If a citizen of America i.e N.R want to purchase a property in India who is neither NRI not a person of Indian origin nor resident in India, so can acquire a property in India?
If Yes then what are the repatriation effects ?
What are the taxation effects on TRF OF Property?
Please suggest....
If Yes then what are the repatriation effects ?
What are the taxation effects on TRF OF Property?
Please suggest....
06 December 2012
Hi
I will suggest you to read the following regulation
Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000
I also suggest to check RBI circulars on this matter for current update.
I will suggest you to read the following regulation
Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000
I also suggest to check RBI circulars on this matter for current update.
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06 December 2012
American citizen needs to take permission of RBI to purchase the immovable property in India. RBI, subject to purpose of investment, MAY grant the repatriation benefits.
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06 December 2012
Hi
Go to the following link, it may help you:
http://moia.gov.in/pdf/Acquisition_and_transfer_of_Immovable_property_in_India.pdf
Go to the following link, it may help you:
http://moia.gov.in/pdf/Acquisition_and_transfer_of_Immovable_property_in_India.pdf
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07 December 2012
Dear Sir,
The link above says that
Foreign nationals of non Indian origin resident outside India
are not permitted to acquire any immovable property in India unless such
property is acquired by way of inheritance from a person who was resident in
India. Foreign Nationals of non Indian origin who have acquired immovable
property in India by way of inheritance with the specific approval of RBI can not
transfer such property without prior permission of RBI.
..............
So does it concludes that a N.R cannot purchase a property in India?
The link above says that
Foreign nationals of non Indian origin resident outside India
are not permitted to acquire any immovable property in India unless such
property is acquired by way of inheritance from a person who was resident in
India. Foreign Nationals of non Indian origin who have acquired immovable
property in India by way of inheritance with the specific approval of RBI can not
transfer such property without prior permission of RBI.
..............
So does it concludes that a N.R cannot purchase a property in India?
07 December 2012
Hi
You have read the FEMA Regulations as given above.
You have read the FEMA Regulations as given above.
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