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Can NRIs acquire or dispose residential property by way of gift?

April 26, 2017acquire dispose gift NRIs Property Residential

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Can NRIs acquire or dispose residential property by way of gift?

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Yes, Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties in up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not, provided gift tax has been paid.