I am a NRI from Agricultural family of Karnataka, we have Ancestor Agricultural land, now my brother want to buy land with my money(only half paid by me) , as per RBI, NRI can gift upto 2,50,000.00$ to close relative, and later he will transfer half of that land to my name once i am back to India.
Or i will give my FCNR FD to him and he will get loan on that FDs to buy land
is it Legal, Please let me know