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Can an NRI/ a PIO rent out his immovable property in India?

April 26, 2017immovable India NRI PIO Property rent

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Can an NRI/ a PIO rent out his immovable property in India?

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Ans. An NRI or a PIO is free to rent out their immovable property in India without permission from RBI,, The rental income received by such rent out shall be regarded as a current account transaction hence is freely repatriable outside India, subject to payment of applicable taxes. In this connection, it may be noted that even a person being citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan can acquire or transfer property in India on Lease not exceeding 5 years, without prior permission from RBI.