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Agricultural land
My foreigner friend and I are creating a LLP proposed to be registered in Mumbai. We will open a bank account in its name and introduce capital. My foreigner friend has a bank account in India and he will use money from it to introduce his capital. Thereafter, we will buy an agricultural land in India in the name of the LLP. Is this transaction legal?
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" we will buy an agricultural land in India in the name of the LLP. Is this transaction legal?"
In most of the states like Maharashtra, Gujarat, Karnataka etc., it is barred to purchased a agricultural land by the non-agriculturalist.
Refer: https://www.lawyersclubindia.com/experts/Purchase-of-agri-land-by-pvt-ltd-co-contradiction-in-expert-advice-388606.asp
So, If your are agriculturist, and if you purchase in individual capacity, then there is no restriction to purchase Class I land. If at all you want to purchase Class II land (New tenure) land either in individual or firm or Co.'s capacity , then permission from competent revenue authority is required. You may refer BT & AL Act 1948 for more details.
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