Discuss the provisions relating to mode of acquiring immovable property outside India by a person resident in India under the Foreign Exchange Management Act, 1999 (FEMA) and Foreign Exchange Management (Acquisition and

According to section 6(4) of the Foreign Exchange Management Act, 1999 read with Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015: A resident can acquire immovable property outside India by way of gift or inheritance from: a person resident in India can hold, own, transfer or invest in any immovable property situated outside India if such property was acquired, held or owned by him/her when he/she was resident outside India or inherited from a person resident outside India.; or a person resident in India who had acquired such property on or before July 8, 1947 and continued to be held by him with the permission of the Reserve Bank. a person resident in India who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition. A resident can purchase immovable property outside India out of foreign exchange held in his/her Resident Foreign Currency (RFC) account. A resident can acquire immovable property outside India jointly with a relative who is a person resident outside India, provided there is no outflow of funds from India.