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Can a non-resident gift his residential/commercial property?

Can a non-resident gift his residential/commercial property?

Yes,a non-resident gift his residential/commercial property. It may be –

(a) NRI/ PIO may gift residential/commercial property to –

(i) person resident in India or

(ii) an NRI or

(iii) PIO.

(b) foreign national of non-Indian origin needs prior approval of Reserve Bank.

Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it – property that is fixed to the earth, such as land or a house. In the United States it is also commercially and legally known as real estate and in Britain as property.

A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase, any immovable property in India other than agricultural land/plantation property/farm house. He can transfer any immovable property other than agricultural or plantation property or farm house to-

a) A person resident outside India who is a citizen of India or

b) A person of Indian origin resident outside India or c) A person resident in India.


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