Mr.A purchased a flat for Rs. 90 lakhs in the name of his daughter’s mother in law, who is a resident of USA. However, when her mother in law was contacted, she denied the ownership of this property. Discuss the nature of the transaction in the light of the FEMA
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Plz refer section 6 of FEMA for permissible capital account transactions... A person resident in India may hold, own, transfer or invest in foreign currency, security or any immovable property situated outside India if such immovable assest was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India... Section 6(4)...permissible capital account transaction
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