if a non-resident transfer property situated in india to a resident in india who needs to take permission and from whom?what is the penalty for contravention?
3 Replies
Vikas Marele
(CA in Service)
(1144 Points)
Replied 06 January 2011
ur query is not cleary draft. Plz correct it dear...!
Rahul Sharma
(Student + A.M.- Finance)
(2530 Points)
Replied 06 January 2011
| Originally posted by : Vikas Marele | ||
 |
ur query is not cleary draft. Plz correct it dear...! |
 |
Prakash
(Professional)
(211 Points)
Replied 06 January 2011
I understand that a NON RESIDENT is owner of property situated in India. He wants to transfer such property to a person RESIDENT in India.
Now the payment will be done by Resident Indian to NONRESIDENT.
1.The payment shall be made by remittance to abroad through normal banking channels or by debit to an account of the RESIDENT maintained with an authorised person in India in accordance with the regulations made by the Reserve Bank under the Act.
2. Every person selling or drawing foreign exchange to or from an authorised person for a capital account transaction shall furnish to the Reserve Bank , a declaration in the form and within the time specified in the regulations relevant to the transaction
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