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 and transfer immovable property in India, subject to certain conditions.
PIOs: Can purchase, gift, inherit, and transfer immovable property in India, with some restrictions.
Foreign Nationals: Can acquire immovable property in India for specific purposes, such as carrying on a permitted activity or for diplomatic missions.
Repatriation of Sale Proceeds: Allowed for immovable property acquired through purchase or inheritance, subject to certain conditions.
Refund of Purchase Consideration: Permitted in certain cases, such as when the purchase is cancelled.
Prohibitions: Certain transactions, such as the acquisition of agricultural land or plantation property, are prohibited for NRIs, PIOs, and Foreign Nationals.
This Master Circular aims to provide clarity and guidance on the regulations governing the acquisition and transfer of immovable property in India by non-residents.
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