Immovable property acquisition and transfer by NRIs, PIOs and foreign nationals governed by FEMA permissions and repatriation limits. NRIs and PIOs may acquire residential or commercial immovable property in India (excluding agricultural land, plantation property and farm houses) and must make payments by inward remittance through normal banking channels or by debit to NRE/FCNR(B)/NRO accounts; repatriation of sale proceeds by persons resident outside India is allowed up to the foreign exchange or FCNR/NRE amount originally paid (subject to tax clearance and documentary proof) with residential property repatriation restricted to not more than two properties and remittances from rupee funds/inheritance capped at US$1,000,000 per financial year without prior Reserve Bank permission.
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.
Immovable property acquisition and transfer by NRIs, PIOs and foreign nationals governed by FEMA permissions and repatriation limits.
NRIs and PIOs may acquire residential or commercial immovable property in India (excluding agricultural land, plantation property and farm houses) and must make payments by inward remittance through normal banking channels or by debit to NRE/FCNR(B)/NRO accounts; repatriation of sale proceeds by persons resident outside India is allowed up to the foreign exchange or FCNR/NRE amount originally paid (subject to tax clearance and documentary proof) with residential property repatriation restricted to not more than two properties and remittances from rupee funds/inheritance capped at US$1,000,000 per financial year without prior Reserve Bank permission.
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