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Union of India - Section
Section 9 in The Foreign Exchange Management (Acquisition And Transfer Of Immovable Property In India)Regulations, 2000
9. [ Any transaction involving acquisition of immovable property under these regulations shall be subject to the applicable tax laws in India.]
FORM IPI(See regulation 5)Declaration Of Immovable Property Acquired In India By A Person Resident Outside IndiaInstructions. - The declaration should be completed in duplicate and submitted directly to the Chief General Manager, Exchange Control Department, (Foreign Investment Division - III), Reserve Bank of India, Central Office, Mumbai-400001 within 90 days from the date of acquisition of the immovable property.Documentation. - Certified copies of letter of approval from Reserve Bank obtained under section 6(6) of FEMA, 1999 (42 of 1999).| 1 Full name and address of the acquirer who has acquired the immovable property | |
| 2 (a) Description of immovable property | (a) |
| (b) Details of its exact location stating the name of the state, town and municipal/survey number, etc. | (b) |
| 3 (a) Purpose for which the immovable property has been acquired | (a) |
| (b) Number and date of Reserve Bank’s permission, if any, | (b) |
| 4 Date of acquisition of the immovable property | |
| 5 (a) How the immovable property was acquired i.e., whether by way of purchase or lease | (a) |
| (b) Name, citizenship and address of the seller/lessor | (b) |
| (c) Amount of purchase price and sources of funds. | (c) |