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Can a PIO who had acquired commercial property in India while he was resident in India continue to hold or transfer such property? In which account the sale proceeds may be credited?

April 26, 2017account acquired Commercial Continue hold India PIO Property resident transfer

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Can a PIO who had acquired commercial property in India while he was resident in India continue to hold or transfer such property? In which account the sale proceeds may be credited?

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Yes, a PIO who had acquired commercial property in India while he was a person resident in India may continue to hold such property. Under the general permission available he may transfer by way of sale or gift commercial property in India to a person resident in India or to a NRI / PIO.