FEMA

javed ahmed (Querist) 25 February 2011 This query is : Resolved
A, a RESIDENT IN INDIA acquires immovable property(located in INDIA) from,B, a person RESIDENT OUTSIDE INDIA.Does A need to take prior approval from the RESERVE BANK OF INDIA?What consequences will follow if a fails to take the required approval?please advise

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malipeddi jaggarao (Expert) 26 February 2011
I suppose B is an NRI holding Indian pass port and presently residing out side India and he has some properties in India. A, a resident of India (ordinary resident) wants to acquire immovable property of B and the property is in India. In such case no permission from RBI is required.

Prashant Kumar Jha (Expert) 26 February 2011
i am 100% agree with my ld frnd Mr Jaggarao

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