Tax planning regarding gift

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m.faruk yusuf patel (Querist)
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03 December 2012 my client is NRi. under FEMA, investment in real estate sector not permissible. my client want to invest in real estate sector. is it possible to give gift to daughter who is also NRi. kindly solve query in the light of incometax Act and under FEMA.

Amol S Joglekar

Amol S Joglekar (Expert)
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03 December 2012 NRI investment in real estate is not BARRED. Investment in "agricultural land" needs special permission.

m.faruk yusuf patel

m.faruk yusuf patel (Querist)
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04 December 2012 thanks sir.but is it capital account transaction or current account transaction? also give me details of section number which restrict investment by NRI.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 December 2012 In the case of individual it is current account transaction. In the case of company, it is capital account transaction.

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