Poonawalla fincorps
Poonawalla fincorps

CAN NRI PURCHASE RESIDENTIAL PROPERTY IN INDIA

This query is : Resolved 
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(Querist)
15 April 2009 A NRI WANTS TO PURCHASE PROPERTY IN INDIA.
IS ANY RESTRICTION ON THE SAME? THE PAYMENT MODE WILL BE RUPEES OR IN FORIEGN CURRENCY.

IF NRI WANTS TO PURCHASE A HOUSE FROM HIS BROTHER, THEN WHAT WILL BE THE POSITION.

WHICH SECTION OF IT ACT, 1961 OR OTHER ACTS DEAL THE SAID CASE.
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chetan soni

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chetan soni (Expert)
15 April 2009 As per FEMA section 6 NRI can purchase the residential property for his own occupation in india. The only conditions that all remmitence should be route through authorised dealer.

No implications w.r.t Income tax act.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
15 April 2009 agree with the expert
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