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 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 accounts.
PIOs: Can purchase immovable property in India with prior approval from the RBI. They can also acquire property through gift or inheritance. Transfer of property is allowed, and payment for acquisition can be made through inward remittance or debit to NRE/FCNR accounts.
Foreign Embassies/Diplomats/Consulate Generals: Can acquire immovable property in India for official use with prior approval from the RBI.
Persons resident outside India: Can acquire immovable property in India for carrying on a permitted activity, such as business, with prior approval from the RBI.
Repatriation of sale proceeds: Allowed for immovable property acquired by NRIs and PIOs, subject to certain conditions.
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