Retention and transfer of foreign assets: residents may hold and utilise foreign assets acquired while non resident under specified conditions. Section 6(4) FEMA allows residents to hold, transfer or invest in foreign currency, foreign securities or immovable property abroad if acquired or owned while non resident or inherited from a non resident. Covered transactions include foreign currency accounts maintained when non resident; income from employment, business, vocation or investments undertaken while non resident; gifts or inheritances received while non resident; and foreign exchange or related income held outside India acquired by inheritance. Residents returning to India may utilise eligible assets abroad and related income or sale proceeds for payments or fresh investments abroad without RBI approval, provided such payments and investments are funded exclusively from those eligible assets and comply with FEMA.
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.
Retention and transfer of foreign assets: residents may hold and utilise foreign assets acquired while non resident under specified conditions.
Section 6(4) FEMA allows residents to hold, transfer or invest in foreign currency, foreign securities or immovable property abroad if acquired or owned while non resident or inherited from a non resident. Covered transactions include foreign currency accounts maintained when non resident; income from employment, business, vocation or investments undertaken while non resident; gifts or inheritances received while non resident; and foreign exchange or related income held outside India acquired by inheritance. Residents returning to India may utilise eligible assets abroad and related income or sale proceeds for payments or fresh investments abroad without RBI approval, provided such payments and investments are funded exclusively from those eligible assets and comply with FEMA.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
