Get Acquisition And Transfer Of Immovable Property In India By A Person Resident Outside

Tax Advantages for NRIs: Tax advantages are identical to those enjoyed by any Indian citizen. NRIs are entitled to the same tax advantages as Indian citizens. NRIs must pay a 1% withholding tax if they purchase a property worth more than Rs 50 lakh.

If you have: Purchased the property with foreign currency or using your Non-Resident External (NRE)/Foreign Currency Non-Resident (FCNR (B)) accounts you can repatriate the entire sale proceeds of the immovable property.

Foreign nationals, regardless of residency, cannot buy property in India unless they meet the residency requirement of 182 days in a financial year. It is illegal for them to own property in India or to purchase property on a tourist visa. Our Indian lawyers will explain more about the eligibility criteria.

In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such ...

Other than this, an NRI can buy as many properties in India as he/she wishes. However, if an NRI cannot visit India to purchase the property, an individual with valid power of attorney will have to do so in behalf of that NRI. NRIs can own any number of properties in India as he/she wants to.

NRI Guide to Buy Property in India Both NRIs and OCI have the permission to buy both commercial and residential property in India. You do not need to submit any intimation or send any communication to the Central Bank for the purchase of a property. NRIs cannot buy agricultural land, plantation or farmhouses in India.

Immovable property situated in India Agricultural land/farmhouse/plantation property is not permitted. Gifting of residential and commercial property is permitted for relatives only.

With RBIs relaxed norms, a NRI can invest or acquire a gift of any number of immovable residential and commercial properties in India. He/ she can also acquire plots of land, pre-launch properties, ready for possession properties and under-construction properties.