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.
He may transfer agricultural land/ plantation property / farm house acquired by way of inheritance, only to Indian citizens permanently residing in India.
Payment for acquisition of property can be made out of: i. Funds received in India through normal banking channels by way of inward remittance from any place of India or ii. Funds held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999 and the regulations made by Reserve Bank Of India from time to time.