Thane Study Circle of WIRC FEMA Course - Inbound Investment 2 - 15.DEC.2013
Immovable properties & portfolio invt
1. CITC – Seminar on Taxation & FEMA aspects of NRIs Presented by: Mr. Paresh P. Shah P.P. Shah & Associates Chartered Accountants Email: paresh@bom3.vsnl.net.in
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4. Definition of NRI – FEMA 5 NRI Who is citizen of India Whose spouse is a citizen of India Who held Indian Passport at any time Whose father, grand father, mother or grand mother was citizen of India Whose spouse held Indian Passport or whose spouse’s parents or grand parents were citizen of India
5. Definition of PIO – FEMA 5 PIO Who is citizen of India Whose spouse is a citizen of India Who held Indian Passport at any time Whose father, grand father, mother or grand mother was citizen of India Whose spouse held Indian Passport or whose spouse’s parents or grand parents were citizen of India
6. Definition of PIO – FEMA 21 PIO Who is citizen of India Whose spouse is a citizen of India Who held Indian Passport at any time Whose father, grand father, mother or grand mother was citizen of India Whose spouse held Indian Passport or whose spouse’s parents or grand parents were citizen of India
7. Regulated Activities - Comprehensive inheritance from PROI/PRII 4(c) No Note 1 Agricultural Land Sale to PRII Gift to NRIs, PIOs & PRII 4(d) 4(f) Gift, sale & inheritance to NRIs, PIOs & PRII Other Land Mentioned only in case of acquisition & not in case of transfer specifically referred for transfer Inheritance Sale & gift to PRII who is Indian Citizen-No inheritance 4(e) Sale, gift & inheritance to PRII only 3(b) Note 2 Agricultural Land Transfer 5(a) Purchase Inheritance Gift from NRIs, PIOs & PRII 4(a) 4(c) 4(b) Yes 3(a) Other Land In case of Branch office or other place of business, Form IPI has to be filed with RBI within 90 days Diplomatic offices of Foreign Government 5 Acquire PROI (All) Reg PIOs Reg NRIs Reg
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