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Is acquisition and transfer of immovable property in india by a NRI?

Is acquisition and transfer of immovable property in india by a NRI?

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.


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