Can an OCI receive a gift of property from an Indian Citzen?

N

newport60

Registered Users (C)
Any one please throw some light/links about the issue?
My daughter is an OCI and her aunt wishes to give a small property -gift to her.
Is it allowed and what will be the consequences?Whether this gifted proeprty can be later sold and she can bring her money here?
Thanks in adance for the replies.
 
I am not sure if you received the answer by now but to share my thoughts, an OCI person can buy residential property, sell the property but regarding money to bring back there is certain limit RBI has set, over that you have to run around goverment offices/minister offices to get some officers signatures. I don't have any articles to prove that, I gathered this information during my conversation with attorney few years back, I don't think rules are liberal now you better check on RBI site for more information.
 
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