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.

CA Hardik Bunha

CA Hardik Bunha (Expert)
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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?

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CA Hardik Bunha

CA Hardik Bunha (Expert)
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16 January 2013 yes but the foreigner have to take PAN no in india. otherwise sales deed will not be registered.