Restriction for an NRI if in case he wants to purchase property in India

167 views
User Avatar

41 Points Posted on 22 January 2021
What are the restrictions under Income Tax Act, if a Non Resident purchases residential or commercial property in India.
0 Reply Share Follow
On 22 January 2021 at 14:50 Report
Replies (4)
Quick Summary
Non-Resident Indians (NRIs) looking to purchase residential or commercial property in India must adhere to specific regulations, primarily under the FEMA Act, not the Income Tax Act. Transactions typically require using a registered person and obtaining prior permission from the RBI, with funds managed through a Non-Resident External account. While specific amount restrictions exist, seeking expert advice is highly recommended due to the complex interplay of RBI, banking, and FEMA provisions.

User Avatar

Chartered Accountant
24588 Points Posted on 22 January 2021
You have to do the transactions through a registered person and have to get prior permission from RBI and you can purchase property and you have to maintain Non resident external account for such transactions
Reply
On 22 January 2021 at 15:01
User Avatar

41 Points Posted on 22 January 2021
Is there any restriction on Amount?
Reply
On 22 January 2021 at 15:09
User Avatar

17269 Points Posted on 22 January 2021
There are many provisions under RBI Banks income tax Act governing such transactions. better take advise of expert in person.
Reply
On 22 January 2021 at 20:15
User Avatar

Accountant
4533 Points Posted on 23 January 2021
Restrictions are under FEMA act not in income tax.
1 Reply
On 23 January 2021 at 23:33

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. TDS on under construction property not deducted
  2. GST on Fixed Assets
  3. GST ITC april 22
  4. GST PAYMENT REGARDING
  5. GST Consultation Required – June–Augus
  6. TDS Code for Salary Payment to Non-Resident Intern
  7. TDS on property
  8. Company data for software
  9. Car purchase to be eligible for ITC
  10. GST Refund on payment to builder

More recent discussions | Post

Related Topics :

Loading