Purchase of property by non resident in india.

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SANGITA BISOI (Querist)

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....

Ajay Mishra

Ajay Mishra (Expert)

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.

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Amol S Joglekar

Amol S Joglekar (Expert)

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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Ajay Mishra

Ajay Mishra (Expert)

06 December 2012 Hi

Go to the following link, it may help you:

https://moia.gov.in/pdf/Acquisition_and_transfer_of_Immovable_property_in_India.pdf

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SANGITA BISOI

SANGITA BISOI (Querist)

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?

Ajay Mishra

Ajay Mishra (Expert)

07 December 2012 Hi

You have read the FEMA Regulations as given above.

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