NRI Agricultural land

[dal123]

#NRI Agricultural land

I came to USA in Aug 2006 and purchased a agricultural land in April 2008. We sold this property last month and they deposited funds in my HDFCBank. When I reached out to Charted account and they are saying it may come under FEMA regulations and may subject to penalties. 

Nor aware of law is an excuse but what are my options in my case. Thanks for the help
 

i came for 6 months initially through witch and it got extended permanently. My parents insisted me to buy this property because it is a roadside facing. Minna ammithe manvhi rate vachchindi

ippudu naa situation emiti. Aa time loa intha awarness ledhu deeni gurunvhi. 
 

 

[CanadianMalodu]

6 minutes ago, dal123 said:

#NRI Agricultural land

I came to USA in Aug 2006 and purchased a agricultural land in April 2008. We sold this property last month and they deposited funds in my HDFCBank. When I reached out to Charted account and they are saying it may come under FEMA regulations and may subject to penalties. 

Nor aware of law is an excuse but what are my options in my case. Thanks for the help
 

i came for 6 months initially through witch and it got extended permanently. My parents insisted me to buy this property because it is a roadside facing. Minna ammithe manvhi rate vachchindi

ippudu naa situation emiti. Aa time loa intha awarness ledhu deeni gurunvhi. 
 

 

Make an application to the RBI for compounding and pay penalty. Don't repatriate funds outside of India. Gift deed that money to one/both your parents and put in their accounts. 

If you want to repatriate, think of routes like crypto where your parents buy you the Asset and you sell it in your country of domicile.

[dal123]

It is too late. We sold the property and they deposited funds in my NRO account 

[CanadianMalodu]

11 minutes ago, dal123 said:

It is too late. We sold the property and they deposited funds in my NRO account 

Your NRO account doesn't mean funds are repatriated out of India. The Money IS IN INDIA. So, it's not late.

You're making a compounding application to reduce penalty. 

[Joker_007]

36 minutes ago, dal123 said:

#NRI Agricultural land

I came to USA in Aug 2006 and purchased a agricultural land in April 2008. We sold this property last month and they deposited funds in my HDFCBank. When I reached out to Charted account and they are saying it may come under FEMA regulations and may subject to penalties. 

Nor aware of law is an excuse but what are my options in my case. Thanks for the help
 

i came for 6 months initially through witch and it got extended permanently. My parents insisted me to buy this property because it is a roadside facing. Minna ammithe manvhi rate vachchindi

ippudu naa situation emiti. Aa time loa intha awarness ledhu deeni gurunvhi. 
 

 

Contact FEMA-specialized CA or lawyer .. they can file compounding application with RBI to regularize the transaction. more details google for "Compounding Application with RBI" .... start as early as possible kaka... 

[pichhipullayya]

Annalu

one big doubt NRI cannot buy agricultural land

but what happens in my case

I bought in 2012 whne i was resident but now i am an NRI living in USA from 2016.

So any complications if i sell ?

[DallasKarreBaluu]

1 hour ago, dal123 said:

#NRI Agricultural land

I came to USA in Aug 2006 and purchased a agricultural land in April 2008. We sold this property last month and they deposited funds in my HDFCBank. When I reached out to Charted account and they are saying it may come under FEMA regulations and may subject to penalties. 

Nor aware of law is an excuse but what are my options in my case. Thanks for the help
 

i came for 6 months initially through witch and it got extended permanently. My parents insisted me to buy this property because it is a roadside facing. Minna ammithe manvhi rate vachchindi

ippudu naa situation emiti. Aa time loa intha awarness ledhu deeni gurunvhi. 
 

 

 

12 minutes ago, pichhipullayya said:

Annalu

one big doubt NRI cannot buy agricultural land

but what happens in my case

I bought in 2012 whne i was resident but now i am an NRI living in USA from 2016.

So any complications if i sell ?

US citizen aite problem lekapothe @aath care ani @Konebhar6 tolded

[jalsa01]

amount entha? sell another property in xash and match it with this

[paaparao]

10 hours ago, dal123 said:

It is too late. We sold the property and they deposited funds in my NRO account 

only safe way is that they withdraw this amount and give it back to you as cash. 

[m0nster]

Did you bought property on your name? You would have bought it on your parents name and they can gift you later.

[8pm]

11 hours ago, pichhipullayya said:

Annalu

one big doubt NRI cannot buy agricultural land

but what happens in my case

I bought in 2012 whne i was resident but now i am an NRI living in USA from 2016.

So any complications if i sell ?

don't sell