Regulation 5 - Acquisition and Transfer of Immovable Property outside India - Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015

5. Acquisition and Transfer of Immovable Property outside India:- (1) A person resident in India may acquire immovable property outside India, - (a) by way of gift or inheritance from a person referred to in sub-section (4) of Section 6 of the Act , or referred to in clause (b) of regulation 4 ; (b) by way of purchase out of foreign exchange held in Resident Foreign Currency (RFC) account maintained in accordance with the Foreign Exchange Management (Foreign Currency accounts by a person resident in India) Regulations, 2015; (c) jointly with a relative who is a person resident outside India, provided there is no outflow of funds from India; (2) A person resident in India may acquire immovable property outside India, by way of inheritance or gift from a person resident in India who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition. (3) A company incorporated in India having overseas offices, may acquire immovable property outside India for its business and for residential purposes of its staff, in accordance with the direction issued by the Reserve Bank of India from time to time. Explanation: For the purposes of these regulations, 'relative' in relation to an individual means husband, wife, brother or sister or any lineal ascendant or descendant of that individual.