Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015

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..... Immovable Property outside India) Regulations, 2015 Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt necessary to revise the regu .....

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..... y acquired by way of gift or inheritance from: i) persons referred to in (b) above; ii) persons referred to in section 6(4) of the Act ; d) Property purchased out of funds held in Resident Foreign Currency (RFC) account held in accordance with the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015; e) Property acquired joi .....

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..... s/ income or turnover during the last two financial years. 4. For the purpose of these regulations, 'relative' in relation to an individual means husband, wife, brother or sister or any lineal ascendant or descendant of that individual. 5. The new regulations have been notified vide Notification No. FEMA 7(R)/2015-RB dated January 21, 2016 c.f. G.S.R. No. 95(E) dated January 21, 201 .....

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