Acquisition and Transfer of Immovable Property in India
This Master Circular outlines the regulations for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Foreign Nationals of Non-Indian Origin regarding the acquisition and transfer of immovable property in India.
NRIs: Can purchase immovable property in India without prior approval from the Reserve Bank of India (RBI). They can also transfer property to another NRI or a PIO. Payment for acquisition can be made through inward remittance or debit to NRE/FCNR(B) account.
PIOs: Can purchase immovable property in India with prior approval from the RBI. They can also receive property as a gift or through inheritance. Transfer of property is allowed to another PIO or an NRI. Payment for acquisition can be made through inward remittance or debit to NRE/FCNR(B) account.
Foreign Nationals: Can acquire immovable property in India for carrying on a permitted activity, such as business, with prior approval from the RBI. Foreign Embassies, Diplomats, and Consulate Generals can also acquire property for official purposes.
Repatriation of Sale Proceeds: NRIs and PIOs can repatriate sale proceeds of immovable property acquired by way of purchase or inheritance, subject to certain conditions.
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