Purchase of Immovable Property in India - Reporting requirement
AS per the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000, when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business, excluding a liaison office, acquires any immovable property in India in accordance with the provision of said regulation, the said person has to file with the Reserve Bank a declaration in the form IPI , not later than ninety days from the date of such acquisition.
This Form is now amended for more clarity. It is clarified that the regulations do not prescribe any reporting requirements for transactions where a person resident outside India who is a citizen of India or a Person of Indian Origin (PIO) as defined in Regulation 2(c) of Notification No. FEMA 21/2000-RB, acquire/s immovable property in India.
RBI AP (DIR Series) Circular No. 79, Dated: February 15, 2012