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It is known that Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Foreign National of Non-Indian Origin can acquire Immovable Property (either residential or commercial) in India by way of purchase, gift, inheritance, or share of joint property received upon partition of family/property, etc as per the guidelines laid by the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (FEMA). But, there are some crucial guidelines to be followed while buying property…
Purchase
The Reserve Bank of India (RBI) has permitted the following categories of NRIs/PIOs to acquire Immovable Property (other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of Foreign Exchange Inward Remittance or any Non Resident Bank Account in India, that is (Non Resident External (NR(E)), Foreign Currency Non Resident Account (FCNR(B)) or Ordinary Non Resident Rupee Account a/c (NRO) in connection with acquisition of Immovable Property in India –
A Non Resident who is a citizen of India
A Non Resident who is a Person of Indian Origin (PIO)
A Non Resident who has established in India a branch office or other place of business (excluding a liaison) office
There are no restrictions on the number of residential/commercial properties that can be purchased.
Gifts
General Permission is granted to acquire any Immovable Property (other than agricultural land, plantation or farmhouse property) by way of gift from a person (donor) who is –
A Person Resident in India, or
A Person Resident outside India (NRI) who is an Indian citizen or foreign citizen of Indian origin.
Provided, applicable Gift Tax if any has been paid at the time the immovable property is being gifted.
Inheritance
General Permission is granted for inheritance of Immovable Property including agricultural land, plantation or farm-house property from –
A Person Resident in India, or
A Person Resident outside India who may be an Indian citizen or Foreign Citizen of Indian Origin provided such person had acquired the said property in accordance with the provisions of FEMA.
Hence, agricultural land, plantation or farmhouse property can be acquired by way of inheritance only.
Acquisition by Foreign Nationals of Non-Indian Origin
The residential status of a foreign national of non-Indian origin determines the ability to acquire immovable property in India. Thus, Foreign Nationals of non-Indian origin can be further divided into
Foreign Nationals of Non-Indian Origin, Resident Outside India
Foreign Nationals of Non-Indian Origin, Resident In India
Acquisition and Sale of Immovable Property
There is no ceiling on the number of immovable properties acquired or sold in India by NRIs and PIOs. However, NRIs/ PIOs belonging to Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan require a prior approval of the Reserve Bank of India for acquiring Immovable Property in India.
It is mandatory to file a declaration of the acquired property with the Reserve Bank of India within 90 days of acquisition of property, on the prescribed 'Declaration of Property by NRIs/PIOs Form' - IPI 7. For repatriation of sale proceeds of property or properties credited with NRI/PIO accounts, it is mandatory to file a declaration of the sold property with RBI within 90 days of sale of such property, on IPI Form 8.
Apart from the declaration of property, there are many other tax and legal formalities related to the acquisition of Immovable Property in India which NRIs and PIOs need to adhere to. Formalities of transfer of funds for purchase/sale through accounts facilities available, applicable charges and processes for registration of property documents and applicable stamp duties for all transactions, etc., are procedures that should be complied with.
NRIs and PIOs are also eligible for home loans in India and need to comply with the guidelines for repayment. Along with the official guidelines, NRIs and PIOs also need to follow general dos and don'ts while acquiring property in India.
NRIs....
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It is known that Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Foreign National of Non-Indian Origin can acquire Immovable Property (either residential or commercial) in India by way of purchase, gift, inheritance, or share of joint property received upon partition of family/property, etc as per the guidelines laid by the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (FEMA). But, there are some crucial guidelines to be followed while buying property…
Purchase
The Reserve Bank of India (RBI) has permitted the following categories of NRIs/PIOs to acquire Immovable Property (other than agricultural land, plantation or farm-house property) by way of purchase, provided the payment is made out of Foreign Exchange Inward Remittance or any Non Resident Bank Account in India, that is (Non Resident External (NR(E)), Foreign Currency Non Resident Account (FCNR(B)) or Ordinary Non Resident Rupee Account a/c (NRO) in connection with acquisition of Immovable Property in India –
A Non Resident who is a citizen of India
A Non Resident who is a Person of Indian Origin (PIO)
A Non Resident who has established in India a branch office or other place of business (excluding a liaison) office
There are no restrictions on the number of residential/commercial properties that can be purchased.
Gifts
General Permission is granted to acquire any Immovable Property (other than agricultural land, plantation or farmhouse property) by way of gift from a person (donor) who is –
A Person Resident in India, or
A Person Resident outside India (NRI) who is an Indian citizen or foreign citizen of Indian origin.
Provided, applicable Gift Tax if any has been paid at the time the immovable property is being gifted.
Inheritance
General Permission is granted for inheritance of Immovable Property including agricultural land, plantation or farm-house property from –
A Person Resident in India, or
A Person Resident outside India who may be an Indian citizen or Foreign Citizen of Indian Origin provided such person had acquired the said property in accordance with the provisions of FEMA.
Hence, agricultural land, plantation or farmhouse property can be acquired by way of inheritance only.
Acquisition by Foreign Nationals of Non-Indian Origin
The residential status of a foreign national of non-Indian origin determines the ability to acquire immovable property in India. Thus, Foreign Nationals of non-Indian origin can be further divided into
Foreign Nationals of Non-Indian Origin, Resident Outside India
Foreign Nationals of Non-Indian Origin, Resident In India
Acquisition and Sale of Immovable Property
There is no ceiling on the number of immovable properties acquired or sold in India by NRIs and PIOs. However, NRIs/ PIOs belonging to Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan require a prior approval of the Reserve Bank of India for acquiring Immovable Property in India.
It is mandatory to file a declaration of the acquired property with the Reserve Bank of India within 90 days of acquisition of property, on the prescribed 'Declaration of Property by NRIs/PIOs Form' - IPI 7. For repatriation of sale proceeds of property or properties credited with NRI/PIO accounts, it is mandatory to file a declaration of the sold property with RBI within 90 days of sale of such property, on IPI Form 8.
Apart from the declaration of property, there are many other tax and legal formalities related to the acquisition of Immovable Property in India which NRIs and PIOs need to adhere to. Formalities of transfer of funds for purchase/sale through accounts facilities available, applicable charges and processes for registration of property documents and applicable stamp duties for all transactions, etc., are procedures that should be complied with.
NRIs and PIOs are also eligible for home loans in India and need to comply with the guidelines for repayment. Along with the official guidelines, NRIs and PIOs also need to follow general dos and don'ts while acquiring property in India.
NRIs....
V.K.Sivkumar...HOme Loans...
Udamalpet...Pollachi...Coimbatore...
mobile...9944066681...👍👍⛱⛱🌷🌷
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