Foreign owned property in Goa, (part Two)
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Originally Posted by SteveM 
Hi Nick
Noni has no contact info, so I have to wait to see if she reads this and PM's me
Hi NickNoni has no contact info, so I have to wait to see if she reads this and PM's me
Hi Steve,
Have received and answered your pm
What is this Debt Department Alabamagoa is talking about?
How can we sell if we cannot do the 182 days, now we all have tourist visa's?
On thursday night ITV new programme Holiday Homes from Hell, perhaps we should all write in and say look at the Goa situation.
Noni
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Revenue department.
Originally Posted by Noni
What is this Debt Department Alabamagoa is talking about?
What is this Debt Department Alabamagoa is talking about?
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If I were a FN, I'll take what I can get. According to the law, the FN not even the legal owner of the property. Which is why they are not allowed to sell it. BTW, even if the FN gets more Rupees, I wonder how they can repatriate the capital gains. Another option is to sell to PIO/NRIs and do the transaction in $/Pounds. But, generally buyers will be skittish about buying from FNs as the sale can be voided by the govt.
Originally Posted by Honey Bee
Allegedly builders are going to FN offering to buy the properties back (original price) saying that they will never own them,and putting them back on the market 3 times what they paid for them - fair you tell us. ?
Allegedly builders are going to FN offering to buy the properties back (original price) saying that they will never own them,and putting them back on the market 3 times what they paid for them - fair you tell us. ?
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which will not solve the Capital Gains tax problem, btw, or the legality of the repatriation issue- and may in itself be criminal (depending on individual cases) under FEMA.
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Very true.
Last edited by capt_mahajan; Apr 2nd, 2008 at 09:53..
Reason: added 'the legality of'
If you're lucky enough
not to have registered anything, then the deeds can be drawn up for 1st time to the new buyer.
not to have registered anything, then the deeds can be drawn up for 1st time to the new buyer. GoanGoan......here & there
---Provided the seller a FN bought from is willing to sign, too - sale and registration papers mainly, but there may be others.
Confiscating properties
Well now this is a pretty pickle. If the state wants the land they may have to pay for it.
But wouldn't the act of paying for it be an acknowlegment that the owners actually owned it, foreign or not?
But wouldn't the act of paying for it be an acknowlegment that the owners actually owned it, foreign or not?
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I should have been clear. Full payment does not have to be made within India, this avoiding the repatriation issue. Ofcourse, some will question the legality of the structure of the transaction..
Originally Posted by capt_mahajan which will not solve the Capital Gains tax problem, btw, or the legality of the repatriation issue- and may in itself be criminal (depending on individual cases) under FEMA.
which will not solve the Capital Gains tax problem, btw, or the legality of the repatriation issue- and may in itself be criminal (depending on individual cases) under FEMA. 
Revenue Confused!!
If this is a Revenue Dept (debt Management dept) why are they not investigating how i brought my money into india?
The interview we had with the Directorate of Enforcementwas to establish that we transfered our money legally to India!! he didnt ask any questions about buying property, the DMD is only investigating visas and what visa we had and if we were in India at the time we purchased the property, I am very confused
The interview we had with the Directorate of Enforcementwas to establish that we transfered our money legally to India!! he didnt ask any questions about buying property, the DMD is only investigating visas and what visa we had and if we were in India at the time we purchased the property, I am very confused
Disclaimer: I am far from an expert. Your lawyer will be better informed.
Both the DOE and the Revenue department fall under the Central government.
Though the DOE may investigate where the money went, and how it was brought in, and may well liase with the revenue department and immigration authorities, a lot of "the way the property was bought" investigation may fall under the State (in this case Goa) government laws- who will liase with the Central Government, too. Complicated.
In any case, the DOE will investigate how the money was brought in-as you have seen.
The revenue department that I know of administers taxation
As taxation is linked to resident status, so maybe thats why they were asking about visas and whether you were in India (and probably for how long)
Both the DOE and the Revenue department fall under the Central government.
Though the DOE may investigate where the money went, and how it was brought in, and may well liase with the revenue department and immigration authorities, a lot of "the way the property was bought" investigation may fall under the State (in this case Goa) government laws- who will liase with the Central Government, too. Complicated.
In any case, the DOE will investigate how the money was brought in-as you have seen.
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http://indiaimage.nic.in/ceib/ed.htmThe revenue department that I know of administers taxation
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http://finmin.nic.in/the_ministry/de...out/index.htmlAs taxation is linked to resident status, so maybe thats why they were asking about visas and whether you were in India (and probably for how long)
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well about 15 months ago I was shown a small Portuguese house on sale for 35 lakhs. I thought it was overpriced. I just heard it was bought by someone from Margao (a Goan?) who has done it up (quite sympathetically as far as you can see from the outside) and has put it back on the market for Rs. 64 lakhs - go figure!
Originally Posted by capt_mahajan A curious thread related question: What has all this (and the other Goa related issues discussed elsewhere) done to property prices in Goa in. say, the last three months?
A curious thread related question: What has all this (and the other Goa related issues discussed elsewhere) done to property prices in Goa in. say, the last three months?
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there is also something called a Deed of Assignment - I know no more than that - ask your advocate.
Originally Posted by praks What he means is that if your sale agreement was not registered, the authorities would be unaware of its existence, in which case you could sell to a new buyer. The new agreement however, would be between the person you bought from and the new buyer, i.e., the person you are selling to. Your name would not figure anywhere at all and your sale agreement would be destroyed with none being the wiser. This is quite workable if the new buyer and original seller co-operate. You may lose some money in this kind of transaction, depending on your negotiating skills, but you can get a good bit of your money back.
What he means is that if your sale agreement was not registered, the authorities would be unaware of its existence, in which case you could sell to a new buyer. The new agreement however, would be between the person you bought from and the new buyer, i.e., the person you are selling to. Your name would not figure anywhere at all and your sale agreement would be destroyed with none being the wiser. This is quite workable if the new buyer and original seller co-operate. You may lose some money in this kind of transaction, depending on your negotiating skills, but you can get a good bit of your money back. AndyD 8-)#
crvlvr said
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the situation is bad enough without people posting confusing rubbish like this!AndyD 8-(#
Last edited by capt_mahajan; Apr 6th, 2008 at 19:02..
Reason: merged three posts
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When you were interviewed by the D of E did you have an advocate?
Originally Posted by alabamagoa If this is a Revenue Dept (debt Management dept) why are they not investigating how i brought my money into india?
The interview we had with the Directorate of Enforcementwas to establish that we transfered our money legally to India!! he didnt ask any questions about buying property, the DMD is only investigating visas and what visa we had and if we were in India at the time we purchased the property, I am very confused
If this is a Revenue Dept (debt Management dept) why are they not investigating how i brought my money into india?The interview we had with the Directorate of Enforcementwas to establish that we transfered our money legally to India!! he didnt ask any questions about buying property, the DMD is only investigating visas and what visa we had and if we were in India at the time we purchased the property, I am very confused
We had to send them a bank remittance of the monies sent to the builders account - no problem. Did DMD say what visa you should have purchased on? We have had to send it copy of
remittance of monies certificates from the UK bank
photo copies of passports + blank pages
photo copies of visa's + blank pages
Deeds
Have you had to furnish them with these items.
Thanks
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very good article I thought. In a nutshell, the Goan Gov. would like to nick your property but the lawyers told them that property can't just be nicked off people, and if it were possible only the Centre (Delhi) could do it, and the property would go to them. So nyer ne nyer nyer!!!
Originally Posted by kpnuts Govt considering pros,cons of confiscating properties bought by foreigners
Govt considering pros,cons of confiscating properties bought by foreigners AndyD 8-)#
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Yes it does - check the RBI FAQ pages.AndyD 8-)#
Last edited by a_f_d; Apr 8th, 2008 at 12:15..
Reason: serious sp err
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