Hi,
Could you please advise if NRI can buy agriculture land in INdia particularly Rajastahan.
and if yes, then what are the requirements?
and if no, then what is the way out of buying it.
the client is having intention of using it for dairy farming purpose latter on.
so can we show this prupose and buy it, but in case if he doesn't do dairy farming then what is the outcome.
Please advise.
A NRI can acquire by way of purchase any immovable property (other than agricultural land/plantation property/farm house) in India.
.
-- Regulation 3 of the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000.
Regulation 3: Acquisition and Transfer of Property in India by an Indian Citizen resident outside India:-
.
A person resident outside India who is a citizen of India may -
.
a) acquire any immovable property in India other than agricultural/plantation/farm house, and
.
b) transfer any immovable property in India to a person resident in India.
.
c) transfer any immovable property other than agricultural or plantation property or farm house to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India.
Many thanks but if NRI wants to buy agriculture land can he form PVT Co/Firm. and have one resident as shareholder/partner and get agriculture land.
If he states the prupose of agriculture land is to do dairy farming and what if he fails to do so latter.
Please advise.
An NRI cannot buy agricultural land, plantation land or a farm house in India.
Somebody suggested that you can either create a Pvt Ltd Co or partnership firm with resident indian and keep majority of holding in NRI name and that company or firm can buy agriculture land.
please advise.
CAclubindia
