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NRI's
The following FAQs are provided to address diverse issues related to acquisition and transfer of immovable property within India for a NRI or a person resident outside India under the provisions of Foreign Exchange Management Act, 1999. The questions that are generally asked have been provided here to cover the broader range of issues pertaining to acquisition and transfer of immovable property within India by an NRI or a foreign national of Indian origin or a foreign national of non-Indian origin as also by a person resident in India who is not a citizen of India.
- Who can be defined as an NRI?
- Is permission of Reserve Bank required to acquire commercial/residential property in India for non-resident Indian citizens?
- Is permission needed from Reserve Bank for foreign citizens of Indian origin to purchase immovable property in India for residential use?
- In what way foreign citizens of Indian origin shall pay the purchase consideration for residential immovable property under the general permission?
- For the purchase of residential immovable property in India under the general permission available, what formalities do foreign citizens of Indian origin need to complete?
- Is Reserve Bank’s permission needed to sell off such property?
- Is remittance of such property, if and when sold, possible out of India??
- Given repatriation of sale of proceeds desired, is there a need to fulfill any conditions?
- To seek repatriation, what is the procedure?
- Is it possible for foreign citizens of Indian origin to acquire or dispose off residential property through the means of gift?
- Can commercial properties in India be acquired by foreign citizens of Indian origin?
- Is it possible for them to dispose off such properties?
- Is remittance of sale proceeds of such property possible out of India?
- If (residential/commercial) properties are not required for immediate use, can they be rented?
- Are authorized dealers permitted to grant loans to NRIs for flat/house acquisition for residential purposes?
- Is there a way to avoid the demand of a Power of Attorney asked by real estate developers when purchasing property from them?
- To acquire and transfer immovable property in India, where can a non-resident Indian find the regulations/directions issued by Reserve Bank?
- (Who is permitted to purchase immovable property in India under the existing foreign exchange regulations?)
- Who can be defined as a Person of Indian Origin (PIO)?
- Is it necessary for NRI/PIO who has purchased residential/commercial property under the general permission to file any document with Reserve Bank of India?
- Under the general permission available, is there any form of restriction laid on the number of residential/commercial property that NRI/PIO can purchase?
- Is permission granted to add a name of a foreign national of non-Indian origin as a second holder to a residential/commercial property purchased by NRI/PIO?
- Is acquisition of any immovable property in India by way of purchase possible for a foreign national of non-Indian origin resident outside India?
- Can residential property be acquired on lease in India by a foreign national of non-Indian origin?
- Can agricultural land/plantation property/farm house in India by way of purchase be acquired by a person resident outside India (i.e. a NRI or a PIO or a foreign national of non-Indian origin)?
- Is NRI/PIO permitted to acquire residential/commercial property by way of gift under the general permission available?
- Is a foreign national of non-Indian origin resident outside India permitted to acquire residential/commercial property in India by way of gift?
- Can agricultural land/plantation property/farm house in India be acquired by a person resident outside India (i.e. a NRI or a PIO or a foreign national of non-Indian origin) by way of gift?
- Can any immovable property in India acquired by way of inheritance from a person resident in India be held by a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin)?
- Can any immovable property in India acquired by way of inheritance from a person resident outside India be held by a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin)?
- To whom can NRI transfer by way of sale his residential/commercial property under general permission available?
- To whom can a PIO transfer his residential/commercial property by way of sale under general permission available?
- Can by way of sale the residential/commercial property of a PIO, be transferred to a NRI or a PIO?
- Is transfer by way of sale residential/property in India acquired with the specific permission of Reserve Bank possible for a foreign national of non-Indian origin whether resident in India or outside India, to a person resident in India or outside India?
- To whom can NRI/PIO transfer by way of sale his agricultural land/plantation property/farm house in India under general permission available?
- Can agricultural land/plantation property/farm house acquired by a foreign national of non-Indian origin resident outside India be transferred by way of sale?
Regulations/Directions issued by Reserve Bank of India
Acquisition of immovable property in India by way of purchase by a person resident outside India
Acquisition of immovable property in India by way of gift by a person resident outside India
Acquisition of immovable property in India by way of inheritance by a person resident outside India
Transfer of immovable property in India by way of sale by a person resident outside India
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