Nri-acquiring agri land by will
This query is : Resolved
02 February 2015
Sir,
We are 4 brothers and one of my brother is an NRI. We partitioned our lands some 10 years back along with our father. My father wants to make a will and wants to bequeath his agriculture land in my NRI brother's favour. By this way can my NRI brother acquire agriculture land in India ?
Also my NRI brother wants to exchange some agriculture land with us. Is it possible?
Whether he can sell his agriculture land and invest in non-agriculture land in India? What are tax implications in this transaction?
We are 4 brothers and one of my brother is an NRI. We partitioned our lands some 10 years back along with our father. My father wants to make a will and wants to bequeath his agriculture land in my NRI brother's favour. By this way can my NRI brother acquire agriculture land in India ?
Also my NRI brother wants to exchange some agriculture land with us. Is it possible?
Whether he can sell his agriculture land and invest in non-agriculture land in India? What are tax implications in this transaction?
02 February 2015
Yes your NRI brother can acquire land from your father by will. He can exchange land with you. He can sell rural agricultural land which is exempted from tax and buy any property.
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