How can immovable property be acquired outside India by resident?

Answer: Immovable property can be acquired outside India: … As an inheritance/ gift from a person (i) referred to in sec 6(4) of FEMA; or (ii) who has acquired it prior to July 8, 1947 (iii) who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition.

Can Indian resident buy property outside India?

Answer: According to section 6(4) of the FEMA, a person resident in India can hold, own, transfer or invest in any immovable property situated outside India if such property was acquired, held or owned by him/ her when he/ she was resident outside India or inherited from a person resident outside India.

Can a non resident repatriate the sale proceeds of immovable property in India?

NRIs or PIOs are allowed to repatriate the sale proceeds of immovable property inherited from a person resident in India given they produce documentary evidence in support of their inheritance and necessary tax clearance certificates from the Income-Tax authority.

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Can NRI sell property in India without RBI permission?

The Supreme Court on Wednesday held that a foreigner can not sell or mortgage a property without the prior permission of the Reserve Bank of India.

Can a US citizen of Indian origin buy property in India?

Reserve Bank of India given permission for NRIs, PIOs & OCIs that they can buy immovable property in India without any restrictions. With this permission, the NRIs, PIOs & OCIs can purchase only the residential and commercial property in India.

Can I buy property in another country?

Even if you can buy real estate in a certain country, there might be limitations on the type(s) of property foreigners can buy. … 2 Foreigners, however, generally aren’t able to own a house or land. There may also be rules regarding what happens if you want to sell the property.

Can NRI buy property outside India?

Any NRI holding an Indian passport is eligible to buy a house in the country. But the money for the property should be routed through legitimate normal banking channels by way of inward remittance from any place outside India. Alternatively, you can also use your non-resident accounts to make the payments.

Who can purchase immovable property in India?

1 Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or …

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Who can be Pio resident outside India?

A PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Such an OCI Card holder should also be a person resident outside India.

What is immovable property under Transfer of property Act?

“immovable property” includes land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops nor grass.

Is land a immovable property?

“Immovable Property includes land, building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which in turn is attached to the earth except standing timber, growing crops nor grass”.

How a person resident in India can hold own transfer or invest in any immovable property situated outside India comment?

Answer: According to section 6(4) of the FEMA, a person resident in India can hold, own, transfer or invest in any immovable property situated outside India if such property was acquired, held or owned by him/ her when he/ she was resident outside India or inherited from a person resident outside India.

Can green card holder buy property in India?

A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.

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Can a non-Indian buy land in India?

No, a foreign national of non-Indian origin resident outside of India cannot purchase any immovable property in India.

What is the difference between OCI and PIO?

OCI Card holders do not require an employment visa and can stay in India indefinitely. No restrictions to pursue a profession except in areas that require special Protected and Restricted area permits. PIO Card holders do not require employment visa.

Can I buy land in USA from India?

Yes, an Indian or any foreigner can buy real estate in the USA. The US welcomes foreign investments. We set up a holding company (LLC) so you can legally and easily own any type of real estate in the USA, and have it fully managed for you. When you invest in USA real estate, you will need a US Tax ID number.