Under the general permission available what is the mode of payment for purchase of residential or commercial property in India by NRI or PIO?
A. Under the general permission available NRI or PIO may purchase residential or commercial property in India out of funds remitted to India through normal banking channel or funds held in his NRE/FCNR (B)/NRO account. No consideration shall be paid outside India. Q27. Can refund of application/earnest money/purchase consideration made by the house building agencies/seller on account of non-allotment of flat/plot/cancellation of bookings/deals for purchase of residential or commercial property together with interest, if any (net of income tax payable thereon) be credited to NRE account? A. Yes, provided original payment was made by way of inward remittance or by debit to NRE/FCNR (B) Account. For this purpose no permission of Reserve Bank is required and they may approach the authorized dealer directly in the matter. Q28. Can NRI or PIO for the purpose of acquisition of flat/house in India for his own residential use avail of land from an authorized dealer against the security of funds
Related Questions
- Under the general permission available what is the mode of payment for purchase of residential or commercial property in India by NRI or PIO?
- Under the general permission available what is the mode of payment for purchase of residential / commercial property in India by NRI / PIO?
- Under the general permission available what is mode of payment for purchase of residential/commercial property in India by NRI?
