Home Acts & Rules FEMA Old_Provisions FOREIGN EXCHANGE MANAGEMENT (ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA) REGULATIONS, 2000 This
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Regulation 5 - Acquisition and Transfer of Immovable Property outside India - FOREIGN EXCHANGE MANAGEMENT (ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA) REGULATIONS, 2000Extract 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, 2000; (2) A person resident in India, who has acquired immovable property outside India under sub-regulation (1) of this regulation, may transfer it by way of gift to his relative who is a person resident in India; Explanation : For the purposes of this regulation, 'relative' in relation to an individual means husband, wife, brother or sister or any lineal ascendant or descendant of that individual. 1 (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. ******************* Note : 1. Substituted vide Notification No. 155-RB-2007 dated 7/6/2007 , before it was read as Reserve Bank may, on an application made to it, permit a company incorporated in India having overseas offices, to acquire immovable property outside India for its business and for residential purpose of its staff, subject to such terms and conditions as may be considered necessary inserted vide Notification No. 103/2003 dated 13/10/2003
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