Legal Question in Real Estate Law in India

hi

Is it okay to buy / sell property on different currency or for gold?

I live in U.S. and I like to sell my plot in Hyderabad, India to another NRI in for dollars. Obviously, we will pay taxes registration fees to govt, but our transaction will be done in dollars in U.S. bank. Will such transaction is legal and valid?

Thanks in advance..


Asked on 8/31/13, 7:22 am

4 Answers from Attorneys
uttam Tibrewal

dear client...

contact at [email protected]

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Answered on 8/31/13, 8:37 am
Fca Prashant Chavan Expert Edge LLP

31.08.2013

Dear Sir / Madam,

It is a valid sale. Even if you trade dollars in the US for the property located in India, you are still liable to pay Capital Gains tax to the Income Tax authorities on the profit you make from the sale of the property.

Regards,

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Answered on 8/31/13, 9:39 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

If the property is situated in india, the consideration needs to be paid in india only and to the amount our of india, you need permission from RBI.

Adv Rajiv

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Answered on 8/31/13, 11:34 am
Shrichand Nahar S.V.Nahar, Advocate

May be permissible. Check FEMA and related laws. Be careful in what is stated in the sale deed not only from Transfer of Property Act related matter, but also FEMA, Income Tax etc.

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Answered on 9/02/13, 12:51 am


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