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Statutory Provisions Governing Acquisition & Transfer of Immovable Property In India By A Person Resident Outside India RELEVANT LAWS & NOTIFICATIONS WITH RESPECT TO ACQUISITION & TRANSFER OF IMMOVABLE PROPERTY IN INDIA BY A PERSON RESIDENT OUTSIDE INDIA:

Section 6 (3) (i) of Foreign Exchange Management Act, 1999 (FEMA 1999) acquisition or transfer of immovable property in India, other than a lease not exceeding five years, by a person resident outside India.

Reserve Bank of India (RBI) notification No. FEMA 21/2000-RB Dated May 3, 2000 (Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000) as amended from time to time as per the following RBI notifications:

  • FEMA 65/2002- RB Dated June 29,2002 - Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations 2002
  • FEMA 93/2003- RB Dated June 9,2003- Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations 2003
  • FEMA 146 /2006- RB Dated February 10,2006- Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations 2006
  • FEMA 186/2009-RB dated February 3, 2009- Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations 2009

Section 6 (5) of FEMA,1999 A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.

PERSON RESIDENT IN INDIA:
Section 2 (v) of FEMA Act 1999 defines person resident in India as follows: "person resident in India" means:
PERSON RESIDENT OUTSIDE INDIA:
Section 2 (w) of FEMA Act 1999 defines person resident outside India as follows: "person resident outside India" means a person who is not resident in India;
ACQUISITION OF IMMOVABLE PROPERTY IN INDIA BY NRIs and PIOs (Regulation 3 and 4 of Regulations 2000):
ACQUISITION OF IMMOVABLE PROPERTY BY FOREIGN NATIONALS:
ACQUISITION OF IMMOVABLE PROPERTY BY FOREIGN COMPANIES ESTABLISHING BRANCH OFFICE(S) OR PLACE OF BUSINESS IN INDIA (other than liaison office) (Regulation 5 of Regulations 2000):
ACQUISITION OF IMMOVABLE PROPERTY BY FOREIGN COMPANIES ESTABLISHING LIAISON OFFICE(S) (Regulation 5 of Regulations 2000):
ACQUISITION OF IMMOVABLE PROPERTY BY FOREIGN EMBASSIES/DIPLOMATS /CONSULATE GENERALS (Regulation 5A of Regulations 2000):
TRANSFER OF IMMOVABLE PROPERTY ACQUIRED BY NRIs/PIOs/FOREIGN NATIONALS OR COMPANIES (Regulations 3 and 4 of Regulations 2000):
GIFT OF IMMOVABLE PROPERTY ACQUIRED BY NRIs/PIOs/FOREIGN NATIONALS OR COMPANIES (Regulations 3 and 4 of Regulations 2000):
MORTGAGE OF IMMOVABLE PROPERTY ACQUIRED BY NRIs/PIOs/FOREIGN NATIONALS OR COMPANIES (Regulations 3, 4 and 5 of Regulations 2000):
PROPERTY ACQUISITIONS UNDER ERSTWHILE FERA

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