Bigger India
Under I-T Scanner: 7,500 Indians Who Own Prime Homes in Dubai
Under Indian laws, it is not illegal for Indians to own property in Dubai. According to the Foreign Exchange Management Act of 1999, resident and non-resident Indians are allowed to own immovable properties abroad.
The Income Tax (IT) department has launched an investigation against at least 7,500 Indians who have bought high-end properties in Dubai in the last few years, sources told The Indian Express. The Intelligence and Criminal Investigation (I&CI) wing of the tax department has obtained data of Indian nationals who have invested in real estate in Dubai and is probing the source of funds of such investments abroad.