buying of a flat by - Indian Real Estate Forum

somspullela · 11-05-07

Sir,
my daughter in law has got her citizenship last year, but will be coming back to india in a couple of years and stay in india for some time or permanently. she wanted to buy a flat in her name. can she buy in her name?.Secondly my son is a gc holder right now but will be getting his citizenship next year.can he buy a flat either in his name or in the name of his wife or jointly.will it be different if both of them come on pio basis. can anybody enlighten me on these points

hema · 14-05-07

Hi!
Persons of Indian origin and non-resident Indians are welcome to buy property in India. Your son and daughter-in-law are both eligible to purchase apartments of their choice, either singly or jointly.

In the case of your daughter in law, who does not hold an Indian passport, an RBI sanction for any transaction that she makes in immovable property in the country is needed. A declaration in Form IPI 7 is to be submitted at the Central Office of the RBI, Mumbai within 90 days of purchase or final payment of the purchase. Documents supporting the transaction, along with a bank certificate pertaining to the purchase have to be submitted with Form IPI 7.

Payment towards purchase of the property can be made out of inward remittances in foreign exchange through banks, or from your daughter-in-law and son's NRE/FCNR (B)/NRO accounts maintained in India.

jovi · 14-05-07

Thank you so much Hema ji for the clarification.i have one more link to this question.we did not submit form ipi 7 last year when they have purchased property in joint names,as we do not know the rule. what do we have to do now.please be kind enough to clarify on this

11-05-07	#1
somspullela New Member Join Date: Apr 2007 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts	buying of a flat by Sir, my daughter in law has got her citizenship last year, but will be coming back to india in a couple of years and stay in india for some time or permanently. she wanted to buy a flat in her name. can she buy in her name?.Secondly my son is a gc holder right now but will be getting his citizenship next year.can he buy a flat either in his name or in the name of his wife or jointly.will it be different if both of them come on pio basis. can anybody enlighten me on these points

14-05-07	#3
jovi New Member Join Date: May 2007 Posts: 2 Thanks: 0 Thanked 0 Times in 0 Posts	buying a flat Thank you so much Hema ji for the clarification.i have one more link to this question.we did not submit form ipi 7 last year when they have purchased property in joint names,as we do not know the rule. what do we have to do now.please be kind enough to clarify on this

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14-05-07	#2
hema New Member Join Date: Oct 2006 Posts: 23 Thanks: 0 Thanked 0 Times in 0 Posts	Hi! Persons of Indian origin and non-resident Indians are welcome to buy property in India. Your son and daughter-in-law are both eligible to purchase apartments of their choice, either singly or jointly. In the case of your daughter in law, who does not hold an Indian passport, an RBI sanction for any transaction that she makes in immovable property in the country is needed. A declaration in Form IPI 7 is to be submitted at the Central Office of the RBI, Mumbai within 90 days of purchase or final payment of the purchase. Documents supporting the transaction, along with a bank certificate pertaining to the purchase have to be submitted with Form IPI 7. Payment towards purchase of the property can be made out of inward remittances in foreign exchange through banks, or from your daughter-in-law and son's NRE/FCNR (B)/NRO accounts maintained in India.