Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Discussions Forum
Home Forum FEMA This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

FERA COMPLIANCE, FEMA

Issue Id: - 117031
Dated: 24-2-2021
By:- hubert fernandes

FERA COMPLIANCE


  • Contents

brief facts of the case is Mr "A"(Non Resident) held the subject property (Agrilctural) till his demise , by Mrs B (Wife of Mr "A", Resident Indian) till her Demise in 1990, Inherited by her children (NRI/PIO) and agreed to be sold to a partnership(All partners Resident of India) firm in India in the year 1993 and sold to partnership firm by a sale agreement in 1995.We note that through a court order 7 persons have been considered to be the sole heirs and successors of late Mr. "A" and Mrs. :B". we intend to purchase the subject property from the partnership firm. Kindly advise us whether any FERA clearances where required to be obtained by the partnership firm at the time of purchase in the year 1995. Or whether any other compliance had to be met . Assuming that the partnership firm had not complied with FERA compliancies , can it be regularized now and under what provisions ? if yes than what will be the financial implication and under what section ?

Posts / Replies

Showing Replies 1 to 2 of 2 Records

Page: 1


1 Dated: 1-3-2021
By:- YAGAY andSUN

Maybe appended judgment helpful to you.

FERA - Sale or gift of property situated in India by a foreigner in contravention of Section 31 of Act is not enforceable by law: SC


2 Dated: 1-3-2021
By:- hubert fernandes

Thank You


Page: 1

Old Query - New Comments are closed.

Quick Updates:Latest Updates