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March 2012

A.P. (DIR Series) Circular No. 79, dated 15-2- 2012 — Clarification — Purchase of immovable property in India — Reporting requirement

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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A non-resident who has set up a branch, office or other place of business In India (other than a liaison office), and who has acquired any immovable property in India has to file a declaration in form IPI with RBI within 90 days from the date of such acquisition. However, no such declaration has to be filed by an NRI or PIO when he acquires any immovable property in India.

Form IPI has been modified to reflect this position and the amended Form IPI is annexed to this Circular.

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