NRI wants to purchase an Agricultural Land on Wife's name
Shailendra Pokle (1 Points)
01 September 2019My wife also accompanies me on Dependent Visa from December’2017.
For last calendar year 2018, she was in India for total 57 days.
This year in 2019, she is in India for 108 day i.e. 3.5 months and will stay for atleast another 2.5 months.
Now I have decided to purchase 7 acres of agricultural land (1 piece of 3 acres and another piece of 4 acres) in Maharashtra. My father has agricultural land on his name and my wife's father also has agricultural land on his name.
But now I came to know that as an NRI, I cannot buy agricultural land on my name. Even my wife was not in India for 180 days in calendar year 2018 and hence she is NRI as per FEMA definition, so I cannot buy it on her name also. So I am thinking for below options-
1) Buy 1 piece on Wife’s father’s name immediately and then when she will comply to the definition of Resident Indian maybe next, her father can make a gift deed to her. Second piece of land I can buy directly on her name next year.
2) Buy both pieces on my sister’s name and then when I will comply to the definition of Resident Indian in future, my sister can make gift this property to me. My sister has lost her husband in 2011 and she holds an agricultural land on her name but earnings are insufficient so I regularly gives her 2-3 lacs every year.
3) This year let my wife complete a stay of min 180 days in India and then next year buy both the pieces of land on my wife's name.
Questions are-
a) For executing option 1, can I transfer 30-35 lacs to my wife's account through netbanking/cheque and then she transfers this amount to her father. Will this transaction be legally valid? I assume both these money transfers will fall under definition of Gift to Blood Relatives.
b) For executing option 2, can I transfer around 80-90 lacs to my sister in 4-5 big transactions. Will it be a legally valid transaction? Will I need to execute Gift Deed for such transfer?
c) For executing option 3, will there be any future problem like govt. authorities disagreeing wife’s 180 days stay in India, as ground to buy agricultural land on her name.
Or suggest any better option.