Buy property out of India


#1

Can I pool in funds with my wife if I am looking to buy property out of India?


#2

The Liberalized Remittance Scheme (LRS) of the Reserve Bank of India fixes the maximum amount of money you can remit overseas in one financial year to buy property. Currently the limit is fixed at USD $ 250,000 (nearly Rs. 1.6 Crore).Any pooling in of the money including by that of your family or relatives will mean you must have them as co-owners for the property
investment.


#3

Hi Sooraj,

Yes you can, but keep in mind that FEMA restricts Indian residents from owning any immovable property outside India, unless you get special permission from the RBI. Only people living in India who are not Indian citizens but who own immovable property outside India and residents of India who bought property outside India on or prior to 8th July 1947 are exempt from this restriction.

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Cheers,
Team BB