Q.1130 NRI selling property in India & getting part of payment abroad

Question: Sir A PIO has land (housing plot) in India. He negotiates with another PIO who is his friend to sell same. Could part of the proceeds be settled in Dollar in USA while the document is registered in India? If payment is to be made as per Registrar then only the guide line value is paid in India before the Registrar but the rest is settled in USA. Is this legal? Answer: This would not be legal as far as the authorities in India are concerned. Clarification on this topic has been provided in my book ‘The NRI Guide’ on page180 ‘Paying abroad for property located in India’
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Q.1130 NRI selling property in

India & getting part of payment

abroad

Question: Sir A PIO has land (housing plot) in India. He negotiates with another PIO who is his friend to sell same. Could part of the proceeds be settled in Dollar in USA while the document is registered in India? If payment is to be made as per Registrar then only the guide line value is paid in India before the Registrar but the rest is settled in USA. Is this legal? Answer: This would not be legal as far as the authorities in India are concerned. Clarification on this topic has been provided in my book ‘The NRI Guide’ on page180 ‘Paying abroad for property located in India’
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