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RBI'S PERMISSION FOR ACQUISITION AND TRANSFER:
A person, resident in India, shall acquire or transfer any immovable property situated outside India only with the general or special permission of the Reserve Bank of India.
The following properties are exempted from these regulations:
- Property held by a foreigner who is resident in India;
- Property acquired by a person resident in India on or before 8th July, 1947 and continued to be held by him with the permission of the Reserve Bank of India.
PERMISSIBLE ACQUISITION OF IMMOVABLE PROPERTY OUTSIDE INDIA:
- Gift or Inheritance: A person resident in India may acquire immovable property outside India by way of gift or inheritance from a person
- who was resident outside India;
- who was resident in India on or before 8th July, 1947.
- Purchase from Resident Foreign Currency (RFC) account: A person resident in India may acquire immovable property outside India by way of purchase out of foreign exchange held in Resident Foreign Currency account which is maintained according to the FEMA Regulations, 2000.
- Permission granted to a company by RBI: On an application made to it, the Reserve Bank of India may permit a company incorporated in India having overseas offices, to acquire immovable property outside India for its business and for residential purposes of its staff, subject to certain terms and conditions.
PERMISSIBLE TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA:
Transfer by way of Gift: A person resident in India, who has acquired immovable property outside India as per the permissibility mentioned above, may transfer it by way of gift to his relative (spouse, sibling, any lineal ascendant / descendant) who is a person resident in India.
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