Master Circular on Acquisition and Transfer of Immovable Property in India
This 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 by way of sale or gift to a resident or non-resident. Payment for acquisition can be made through inward remittance or debit to NRE/FCNR(B) accounts.
PIOs: Can purchase immovable property in India without prior approval from the RBI. They can also acquire property by way of gift or inheritance from a person resident in India. Transfer of property is allowed to a resident or non-resident. Payment for acquisition can be made through inward remittance or debit to NRE/FCNR(B) accounts.
Foreign Nationals: Can acquire immovable property in India with prior approval from the RBI, subject to certain conditions. They can also acquire property for carrying on a permitted activity in India.
Repatriation: Sale proceeds of immovable property can be repatriated outside India, subject to certain conditions and approval from the RBI.
This circular aims to provide clarity and guidance on the regulations and procedures for acquiring and transferring immovable property in India by NRIs, PIOs, and Foreign Nationals.
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