27 November 2009
Mr X & Y who are resident in India wants to enter into partnership with M & N who are NRI to do business of sale of flats constructed by them. Whether 1. This partnership & business is possible. 2.If yes,is it subject to any special condition/s 3.Whether NRI partners should have PAN and in future they have to file ITR's
27 November 2009
1) Only Non Resident INDIAN can enter into partnership.No other Non residents. Asthe entity is Indian, there may be sectoral caps for foreign investment in your line of business. See FIPB website for details. 2) Sectoral caps only. This activity is not in a negative list. NRI is only restricted from buying flats or property to sell. However, construction business is usually permitted. 3)NRI will need a PAN if he intends investing in India.
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