NRI SECTION

Who is a non-resident Indian (NRI)?

"Non-Resident Indian (NRI) means any person residing outside India & who is either a citizen of India or is a person of Indian origin".

Can a NRI acquire immovable property in India ?

A person residing outside India, who has been permitted by the Reserve Bank of India to establish a branch, or a office, or a place of business in India (excluding a Liaison Office), has general permission of the Reserve Bank of India to acquire immovable property in India, which is necessary for, or incidental to, the activity. However, in such cases a declaration, in prescribed form (IPI), is required to be filed with the Reserve Bank, within 90 days of the acquisition of immovable property.

An Indian citizen residing outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house.

A person of Indian origin residing outside India does not require any permission to acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property 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 or from a person resident in India.

A person of Indian origin resident outside India does not require any permission to transfer residential or commercial property in India by way of gift to a person resident in India or to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India. ips.

In the event of the sale of immovable property, other than agricultural land/farm house/plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied:-

The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999;

The sale takes place after three years from the date of acquisition of such immovable property or from the date of payment of final installment of consideration for its acquisition, whichever is later;

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