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Restriction for an NRI if in case he wants to purchase property in India
What are the restrictions under Income Tax Act, if a Non Resident purchases residential or commercial property in India.
Replies (4)
Quick Summary
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
Is there any restriction on Amount?
There are many provisions under RBI Banks income tax Act governing such transactions. better take advise of expert in person.
Restrictions are under FEMA act not in income tax.
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