Purchase of property

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CA Jilu J Babu

CA Jilu J Babu (Querist)
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30 December 2011 Can persons of indian origin purchase property in india?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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31 December 2011 A ‘Person of Indian Origin' means 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 an Indian Passport or
2. who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

3 A person resident outside India may hold, own, transfer or invest in Indian currency, security or immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.

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