Q1008. Legality of NRI accepting payment abroad for property sold in India
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’
Information by Virendar Chand
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