Property payments

Hari Konanur (Querist) 27 January 2022 This query is : Resolved
Namaste Sirs,

Im in a pipeline in purchasing of one house in Bangalore but seller is NRI and resides in Califonia.

Now should i pay money to his Indian account or his Foreign account

Please advice
Regards
Hari

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Quick Summary

When purchasing property from a Non-Resident Indian (NRI) seller based in California, it's generally best to transfer funds to their Indian NRO account. This account allows NRIs to receive money in either Indian or foreign currency, making it easier for them to manage their earnings from India. The seller can then manage transfers to their foreign account as needed.

kavksatyanarayana (Expert) 27 January 2022
Ask him how does he want his amount either to his Indian account or a Foreign account.

Hari Konanur (Querist) 27 January 2022
Sir he wants to get deposited in his Indian account

Advocate Bhartesh goyal (Expert) 28 January 2022
Better transfer money in his Indian account.

Sri Vijayan.A (Expert) 30 January 2022
You shall transfer to his Indian NRO account only. He can make adjustments from his NRO to his foreign account.
NRO allows NRIs to receive funds in either Indian or Foreign currency. It is a better method for NRIs to manage their deposits/ funds earned in India.

srivijayan.a@gmail.com

Hari Konanur (Querist) 30 January 2022
Thank you Bharatesh sir and vijayan sir

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