nri agricultural land query wrt change of citizenship
This query is : Resolved
08 December 2009
Hi ,
I am presently an nri living in european country since past 8 years.I bought an agricultural land of 30 acres when i was living in india.I wish to know what would be the implications/obligations if i takeup the citizenship of this EU country.
I would appriciate any advice or sugestion.
I am presently an nri living in european country since past 8 years.I bought an agricultural land of 30 acres when i was living in india.I wish to know what would be the implications/obligations if i takeup the citizenship of this EU country.
I would appriciate any advice or sugestion.
Juzer Sadikot
(Expert)
08 December 2009
Dear Mr. Jay Reddy,
There would be no implication for on your immovable property irrespective of its nature (agriculture land) if you opt for EU citizenship as you hav bought this land when you were residing in India.
You can sell this Agri land only to Resident Individual and at any time, can take back money after paying necessary amount of tax (if any) upto USD 1 million per Financial Year.
Do pm me if you want further information.
Regards
Juzer
There would be no implication for on your immovable property irrespective of its nature (agriculture land) if you opt for EU citizenship as you hav bought this land when you were residing in India.
You can sell this Agri land only to Resident Individual and at any time, can take back money after paying necessary amount of tax (if any) upto USD 1 million per Financial Year.
Do pm me if you want further information.
Regards
Juzer
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