CAN NRI PURCHASE RESIDENTIAL PROPERTY IN INDIA
This query is : Resolved
AMOD SHARMA
(Querist)
15 April 2009
A NRI WANTS TO PURCHASE PROPERTY IN INDIA.
IS ANY RESTRICTION ON THE SAME? THE PAYMENT MODE WILL BE RUPEES OR IN FORIEGN CURRENCY.
IF NRI WANTS TO PURCHASE A HOUSE FROM HIS BROTHER, THEN WHAT WILL BE THE POSITION.
WHICH SECTION OF IT ACT, 1961 OR OTHER ACTS DEAL THE SAID CASE.
IS ANY RESTRICTION ON THE SAME? THE PAYMENT MODE WILL BE RUPEES OR IN FORIEGN CURRENCY.
IF NRI WANTS TO PURCHASE A HOUSE FROM HIS BROTHER, THEN WHAT WILL BE THE POSITION.
WHICH SECTION OF IT ACT, 1961 OR OTHER ACTS DEAL THE SAID CASE.
15 April 2009
Who can purchase immovable property in India?
A.1 Under the general permission available, the following categories can freely purchase immovable property in India:
i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India
ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
1. at any time, held Indian passport, or
2. who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land / plantation property / farm house in India.
A.1 Under the general permission available, the following categories can freely purchase immovable property in India:
i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India
ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
1. at any time, held Indian passport, or
2. who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land / plantation property / farm house in India.
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