Toll Free 1800 103 7676

I anticipate my cerebration at the time was uk rolex replica that the Black-dialed Submariner was so good, it was traveling to be difficult to replica watches argue consumers to get blooming instead of black, or ask them to get in and buy the two. I aswell wish to point out that fake rolex replica watches while the blooming "Hulk" Rolex Submariner 116610LV is not a bound edition, it is not the blazon of watch that replica rolex Rolex will do forever. Its acceptance has kept it in production, but Rolex could stop accomplishing it in blackout at any time after admonishing or reason.

Home   /   NRI's   /   FAQ’s
FAQ’s
FAQ’s
WHO CAN PURCHASE IMMOVABLE PROPERTY IN INDIA?

Under the general permission available, the following categories can freely purchase immovable property in India:

  • Non-Resident Indian (NRI) - that is a citizen of India resident outside India
  • Person of Indian Origin (PIO) - that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
  • at any time, held Indian passport, or
  • who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

The general permission, however, covers only purchase of residential and commercial property.

ARE ANY DOCUMENTS REQUIRED TO BE FILED WITH THE RESERVE BANK OF INDIA AFTER THE PURCHASE?

No. An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents/reports with the Reserve Bank of India .

CAN A FOREIGN NATIONAL OF NON-INDIAN ORIGIN RESIDENT OUTSIDE INDIA PURCHASE IMMOVABLE PROPERTY IN INDIA?

No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India. However, he / she can acquire or transfer immovable property in India on lease not exceeding five years. In such cases, there is no requirement of taking any permission of /or reporting to the Reserve Bank of India.

CAN A FOREIGN NATIONAL WHO IS A PERSON RESIDENT IN INDIA PURCHASE IMMOVABLE PROPERTY IN INDIA?

Yes, a foreign national who is a ‘person resident in India’ within the meaning of Section 2(v) of FEMA, 1999 can purchase immovable property in India but the person concerned would have to obtain the approvals and fulfill the requirements, if any, prescribed by other authorities, such as, the State Government concerned, etc. The onus to prove his/her residential status is on the individual as per the extant FEMA provisions, if required by any authority. However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank of India.

CAN A NON-RESIDENT INHERIT IMMOVABLE PROPERTY IN INDIA?

Yes, a person resident outside India i.e.

  • An NRI
  • A PIO and
  • A foreign national of non-Indian origin can inherit and hold immovable property in India from a person who was resident in India.

However, a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan should seek prior approval of the Reserve Bank of India for inheriting immovable property in India.

CAN AN NRI/ PIO/FOREIGN NATIONAL SELL HIS RESIDENTIAL / COMMERCIAL PROPERTY?

NRI can sell property in India to

  • A person resident in India; or
  • An NRI or
  • A PIO

PIO can sell property in India to

  • A person resident in India; or
  • An NRI or
  • A PIO – with the prior approval of the Reserve Bank(c) Foreign national of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can sell property in India with prior approval of the Reserve Bank of India to
  • A person resident in India; or
  • An NRI or
  • A PIO
HOW MANY RESIDENTIAL/COMMERCIAL PROPERTIES CAN NRI / PIO PURCHASE UNDER THE GENERAL PERMISSION?

There are no restrictions on the number of residential / commercial properties that can be purchased.

CAN NRI / PIO REPATRIATE OUTSIDE INDIA THE SALE PROCEEDS OF IMMOVABLE PROPERTY HELD IN INDIA?

In the event of sale of immovable property other than agricultural land / farm house / plantation property in India by a NRI / PIO, the Authorised Dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are satisfied, namely:

  • the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations:
  • the amount to be repatriated does not exceed:
    • The amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels, or
    • The amount paid out of funds held in Foreign Currency Non-Resident Account, or
    • The foreign currency equivalent (as on the date of payment) of the amount paid where such payment was made from the funds held in Non-Resident External account for acquisition of the property; and
  • in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties. For this purpose, repatriation outside India means the buying or drawing of foreign exchange from an authorised dealer in India and remitting it outside India through normal banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can be converted in foreign currency.

in case the property is acquired out of Rupee resources and/or the loan is repaid by close relatives in India (as defined in Section 6 of the Companies Act, 1956), the amount can be credited to the NRO account of the NRI/PIO. The amount of capital gains, if any, arising out of sale of the property can also be credited to the NRO account.
NRI/PIO are also allowed by the Authorised Dealers to repatriate an amount up to USD 1 million per financial year out of the balance in the NRO account / sale proceeds of assets by way of purchase / the assets in India acquired by him by way of inheritance / legacy. This is subject to production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter, and a tax clearance / no objection certificate from the Income Tax Authority for the remittance. Remittances exceeding US $ 1,000,000 (US Dollar One million only) in any financial year requires prior permission of the Reserve Bank of India

A person referred to in sub-section (5) of Section 6 of the Foreign Exchange Management Act3 , or his successor shall not, except with the prior permission of the Reserve Bank of India, repatriate outside India the sale proceeds of any immovable property referred to in that sub-section.

For the RBI Guidelines as per the Foreign Exchange Management Act (FEMA)
Click here