https://www.taxtmi.com/forum/issue?id=117031 Whether a 1995 sale of agricultural immovable property by a partnership firm from heirs who were NRI/PIO descendants of a deceased non resident required foreign exchange clearances, and whether failure to obtain such clearances can be regularized; cited authority indicates that a sale or gift by a foreigner in contravention of foreign exchange law is not enforceable, so key inquiries are the transferors' residency at the time, historical approval requirements, availability of regularization mechanisms, and potential financial consequences of non compliance. en-us Wed, 24 Feb 2021 10:23:03 +0530 Thu, 23 Jan 2025 15:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117031 Whether a 1995 sale of agricultural immovable property by a partnership firm from heirs who were NRI/PIO descendants of a deceased non resident required foreign exchange clearances, and whether failure to obtain such clearances can be regularized; cited authority indicates that a sale or gift by a foreigner in contravention of foreign exchange law is not enforceable, so key inquiries are the transferors' residency at the time, historical approval requirements, availability of regularization mechanisms, and potential financial consequences of non compliance. Discussion-Forum FEMA Wed, 24 Feb 2021 10:23:03 +0530 https://www.taxtmi.com/forum/issue?id=117031