98. RBI Form IPI-7 Requirement for Property Purchase and Sale in India
Q: Dear Sir/Madam, My name is Prasanna. I am planning to buy a Residential land in Chennai, India. As a OCI holder I am not sure what are all the documents I should have. After browsing a lot I came to know that after purchasing the land I should file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transactions and bank certificate regarding the consideration paid. Question 1: Where would I get the IPI 7 Form? Question 2: The money should come from NRE and NRO or just NRE account? Please advice. Thanks PRasanna A. You can view form IPI-7 HERE This form is for foreign citizens of Indian origin. Check with the authorities what is required and mention your OCI status. A qualified accountant in India could help you sort this out.
NRI - OCI - PIO Guide & Information
98. RBI Form IPI-7 Requirement for
Property Purchase and Sale in India
Q: Dear Sir/Madam, My name is Prasanna. I am planning to buy a Residential land in Chennai, India. As a OCI holder I am not sure what are all the documents I should have. After browsing a lot I came to know that after purchasing the land I should file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transactions and bank certificate regarding the consideration paid. Question 1: Where would I get the IPI 7 Form? Question 2: The money should come from NRE and NRO or just NRE account? Please advice. Thanks PRasanna A. You can view form IPI-7 HERE This form is for foreign citizens of Indian origin. Check with the authorities what is required and mention your OCI status. A qualified accountant in India could help you sort this out.
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