Can NRIs Acquire Immovable Property In India?

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Can NRIs Acquire Immovable Property In India?
Jan 2018
CAN NRI ACQUIRES IMMOVABLE PROPERTY IN INIIIA
In Green Homes
Real Estate in India has always been one of the
investment chances for the investors to explore
due to higher returns it has actually offered.
The implementation of real estate regulation and
development Act which actually aims at protecting
increasing transparency and consumer rights.
The good news here is that non-residents can
invest on the sector under extant foreign
exchange regulations. Non-resident Indians
include non-resident Indian citizens and persons
of Indian origin.
A non-resident Indian is an Indian citizen who is
not a resident of India according to the foreign
exchange regulations. The definition of the
resident under foreign exchange regulations of
India is dissimilar from the Indian income tax
laws. Persons of Indian Origin are defined to
include individual (who is not Bangladesh,
Pakistan, China, Sri Lanka, Hong Kong,
Afghanistan, Bhutan, Macau, Nepal or Iran) who at
any time held on the Indian passport or whose
grandparent or parents were Indian
citizens. Purchase or/and inheritance of
immovable property Usually, both non-resident
Indians and Persons of Indian Origins are allowed
to buy or receive by way of the gift any
immovable properties in India without the
permission from Reserve Bank of India except a
plantation property an agricultural land and a
farmhouse. Furthermore, both, PIOs and NRIs are
allowed to inherit immovable properties both PIOs
and NRIs may hold. In case of buying an immovable
property, payment can be made out of the funds
received in India through normal banking channels
by way of the inward remittance from a place
outside India or out of the funds which are held
in any Non-resident External account or Foreign
Currency Non-resident account or non-resident
ordinary account to maintain in India. The
payment can't be made through travelers' cheque
or the foreign currency notes or any other
mode. Transfer of immovable property Non-resident
Indians can transfer the immovable property in
India by the way of sale or maybe gift to
residents of India other PIOs or NRIs without
getting any permission. However, plantation
property, agriculture land, and farmhouse can
actually be transferred to Indian residents.
Also, PIOs can freely transfer any of the
immovable property other than the plantation
property, agricultural land, and farmhouse to
Indians residents by way of the sale. Farmhouse,
agricultural land, and plantation property can be
transferred by gift or the sale to a person
resident in the country who is the Indian
citizen. It may transfer commercial or
residential property in India by way of gift to
the Indian residents, PIOs, and NRIs. In case of
any sale of immovable property (other than the
plantation property, agricultural land, and a
farmhouse), funds can be freely remitted out of
the country, subject to the following
conditions The sale proceeds being the
repatriated can't be more than the amount paid
for acquiring the immovable property in foreign
exchange
2
The acquisition of the immovable property was
actually made in the compliance with foreign
exchange regulations existing at acquisition
time. It is relevant to note that in case of sale
of housing property, repatriation of sale
proceeds is limited to not more than 2 such
properties. Furthermore, remittances out of the
balance held in NRO account can actually be made
only up to 1 million as per the financial year.
In case, the property was acquired by the way of
gift, the proceeds sale may receive in NRO
account for the remittance purposes. All the
remittances, however, should be made after making
the payment of applicable taxes in India. Lastly,
the foreign nationals of the non-Indian origin,
the resident outside India can acquire immovable
property in India through the inheritance form
person resident in India. Furthermore, such
individuals can transfer the immovable property
with prior permission of RBI. This general
information and specified advice should seek for
the foreign investment in India. It is also
recommended to check tax implications that might
arise on the transaction before making any
decision.
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