NRI's CORNER
F.E.M.A.
IMMOVABLE ASSETS ABROAD
RETURNING NRIs CORNER - IMMOVABLE ASSETS OUTSIDE INDIA
 
1.       NRIs returning to India for permanent settlement can continue to hold and own immovable property situated outside India provided such property was held by him when he was residing abroad.
2.    Acquisition of new immovable property is also permissible provided the purchase price is paid out of Resident Foreign Currency account.
3.       A person who has acquired such immovable property can gift it to a relative resident in India. 
 
For the said purpose "relative" is defined to be; husband, wife, brother, sister or any lineal ascendant or decedent of concerned individual.
alttag