What FEMA regulations must be considered when transferring property to NRI children?

 Under Foreign Exchange Management Act (FEMA) regulations: NRIs can receive property as gifts from relatives (as defined under FEMA); purchase transactions must be conducted through proper banking channels; certain declarations and forms may need to be filed with the RBI; and repatriation of sale proceeds from inherited property is subject to specific guidelines, with up to USD 1 million per financial year allowed with proper tax clearance.

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