Nri fund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2013
Can an Indian resident - citizen borrow the fund from NR -Foreign citizen to buy the property in India
The fund is given in foreign currency
Any regulation from RBI to take the loan and to buy the property ?????
Fund is borroed on non repatriation basis.
The fund is given in foreign currency
Any regulation from RBI to take the loan and to buy the property ?????
Fund is borroed on non repatriation basis.
12 January 2013
yes he can borrow fund. this fund must be remitted by authorised agent. yes he can buy the propety in india. this transaction is covered by capital transaction under FEMA act.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2013
In the above case can the foreign citizen pay directly to the builder and builder transfer the property in the indisan citizen name?
16 January 2013
yes but the foreigner have to take PAN no in india. otherwise sales deed will not be registered.
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