TaxTMI 
TaxTMI 
Restriction on acquisition or transfer of immovable property outside India
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....vided in the Act or this rule, * No person resident in India shall acquire or transfer any immovable property situated outside India without general or special permission of the Reserve Bank * Except:- * If property held or acquired by a person resident in India * held by a person resident in India who is a national of a foreign State; * acquired by a person resident in India on or befo....
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....ch acquisition; * (ii) A person resident in India (PRII) may acquire immovable property outside India from a person resident outside India (PROI)- * (a) by way of inheritance; * (b) by way of purchase out of foreign exchange held in RFC account; * (c) by way of purchase out of the remittances sent under the Liberalised Remittance Scheme instituted by the Reserve Bank: * such remittances ....
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....may- * (a) transfer such property * by way of gift to a person resident in India who is eligible to acquire such property under these rules or * by way of sale; * (b) create a charge on such property * in accordance with the Act or the rules or regulations made thereunder or * directions issued by the Reserve Bank from time to time. (3) The holding or transfer of any investment in imm....