TMI BlogFERA COMPLIANCEX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 partn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ership 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 ? - Reply By YAGAY andSUN - The Reply = 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Reply By hubert fernandes - The Reply = Thank You - FERA COMPLIANCE - Query Started By: - hubert fernandes Dated:- 24-2-2021 FEMA - Foreign Exchange Management - Got 2 Replies - FEMA - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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