Can a foreign person (not an Indian citizen or Indian origin ) invest in an immovable property in India (other than for real estate business ) ,please explain according to FEMA with clear sections?
Shafaf (Chartered Accountant) (193 Points)
24 December 2010Can a foreign person (not an Indian citizen or Indian origin ) invest in an immovable property in India (other than for real estate business ) ,please explain according to FEMA with clear sections?
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 30 March 2011
The answer is NO if the non resident is not an resident as per FEMA.
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