Sajisankar AS 25 June 2020
G.L.N. Prasad (Retired employee.) 26 June 2020
No. It all depends on facts of the asset acquired and circumstances. As I presume, you have purchased one asset, and the source of funds for purchasing is contribution from foreign sources. Now you wish to dispose the asset.
If you are individual, there may not be any problem.
But, if you are an individual, received contribution for a specific purpose and activity as NGO and acquired it under that style and now if you wish to dispose that asset, then conditions may vary.
Once the Inward remittance is accounted for in RBI Channels, it becomes local asset only.
P. Venu (Advocate) 26 June 2020
You have not posted the material facts.
Dr J C Vashista (Advocate) 27 June 2020
No presumptions shall be valid for forming proper opinion and advise.
Post the query with relevant facts.
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