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Can a NRI use a DD from NRE/NRO Account To Purchase Property In India?


By Unregistered Visitors, Section Ask Questions
Posted on Wed Jan 17, 2007 at 02:23:56 PM EST

Hello Friends

Does anyone know if an NRI can use a DD for purchasing the property from his NRE/NRO account.

If yes, then is there a ceiling on this amount and does this DD work like as a DD/pay cheque from a resident savings account ?<>p kind regds

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Do mention it in Sale Deed /Application (none / 0) (#2)
by djain128 on Sat Jan 20, 2007 at 09:08:12 AM EST

Hi
Do mention this in your application form that you are an NRI when you apply for original allotment to a builder or you can mention your account  details in Sale deed this may help you in Tax related  issues. Otherwise for NRI there are no limits for investing in property from RBI.


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DD from NRE/NRO account for Purchasing Property (none / 0) (#1)
by ind54 on Thu Jan 18, 2007 at 11:09:15 PM EST

I have used my NRE/NRO accounts to pay for purchases of real estate many times without any problem.
I would suggest that you keep  a record of source of funds used for purchasing property in India to avoid any Tax related problems when you return to settle in India. A certificate from the bank issuing a DD from your NRE or NRO account indicating the DD number/amount/date and stating that the DD was issued from your NRE or NRO account no...... may be kept on record with you.






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