TaxTMI 
TaxTMI 
Agricultural Land purchased by NRI
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....gricultural Land purchased by NRI<br> Query (Issue) Started By: - THYAGARAJAN KALYANASUNDARAM Dated:- 6-10-2015 Last Reply Date:- 29-9-2016 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Experts, can anyone please help me in sorting the following issue? One of my client who is an Non Resident Indian has got a agriculture land in India. At the time of purchase also he was an NRI. He wasnt aware ....
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....that NRI cant hold agriculture land in india. The land has also been registered in his name. Now, he being an NRI wants to sell this land purchase by him years ago and wants to take the consideration abroad. Will he face any problem? Will it be possible for him to take the total consideration abroad? If yes, what is the procedure to be followed. Kindly guide me with the above. Reply By CA Suren....
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....der Gupta: The Reply: Regulation 4 of FOREIGN EXCHANGE MANAGEMENT (ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA) REGULATIONS, 2000 prohibits acquisition of agriculture property by a person of Indian origin resident outside India. Further, in the prescribed form, an intimation is required to be submitted within 90 days before RBI. Further, Regular 4(e) permits sale of agriculture prop....
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....erty to a person resident India, who is a citizen of India. Since, there is not compliance of above first two conditions, you may approach RBI / ADs for further actions in order to sell that property now. Repatriation of sale proceeds shall be in the manner provided under Regulation 6 of such rules.<br> Discussion Forum - Knowledge Sharing ....