Ms. Ashima daughter of Mr. Mittal (an exporter), is residing in Australia for a long. She wants to buy a flat in Australia. Since she is unmarried, she wants to make her father Mr. Mittal a joint holder in that flat, for which entire proceeds are to be paid by her.
i)State the provisions of FEMA governing the such type of transaction?
ii)On Applying the relevant provisions, can Mr. Mittal join her daughter in acquiring such a flat in Australia?
iii)Mr. Mittal wants to receive advance payments against his exports from a buyer outside India. Explain the relevant provisions.

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The detailed answer for the above question is provided below iThe provisions governing the acquisition and transfer of immovable property outside Indi... View the full answer