Restriction on acquisition of foreign immovable property: residents need RBI permission, with narrow inheritance, gift and purchase exceptions. Residents require Reserve Bank permission to acquire or transfer immovable property outside India, subject to exemptions including foreign-national holders, short leases, inheritance, gifts, purchases from compliant residents, purchases from RFC accounts, remittances under the Liberalised Remittance Scheme, joint acquisition with a relative abroad, acquisitions from permitted overseas income or sale proceeds, and permitted acquisitions by Indian entities for overseas staff; prior-compliant acquisitions may be transferred or charged as permitted, but holdings or transfers are disallowed if the initial investment was not permitted under the Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Restriction on acquisition of foreign immovable property: residents need RBI permission, with narrow inheritance, gift and purchase exceptions.
Residents require Reserve Bank permission to acquire or transfer immovable property outside India, subject to exemptions including foreign-national holders, short leases, inheritance, gifts, purchases from compliant residents, purchases from RFC accounts, remittances under the Liberalised Remittance Scheme, joint acquisition with a relative abroad, acquisitions from permitted overseas income or sale proceeds, and permitted acquisitions by Indian entities for overseas staff; prior-compliant acquisitions may be transferred or charged as permitted, but holdings or transfers are disallowed if the initial investment was not permitted under the Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
