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    gunjali's Avatar
    gunjali Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 18, 2009, 10:32 AM
    Fema act 1999
    Mr. Lakshman, a Citizen of India, left India for employment in USA on 1st June, 2002. Mr. Lakshman

    Purchased a flat at Bhopal for Rs. 15 lakhs in September, 2003. His brother, Mr. Govind, employed in

    New Delhi, also purchased a flat in the same building in September, 2003 for Rs. 15 lakhs. Mr. Govind’s

    Flat was financed by a loan from a Housing finance company and the loan was guaranteed by

    Mr. Lakshman. Examine with reference to the provisions of Foreign Exchange Management Act,1999,

    (FEMA) whether purchase of flat and guarantee by Lakshman are capital account transactions?
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
    Uber Member
    		  
    #2

    Aug 18, 2009, 10:35 AM

    Sounds like some homework to me.
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