Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the formalities required to be completed by NRIs for purchasing residential immovable property in India under the general permission?

April 26, 2017formalities immovable India NRIs Property purchasing Residential

0

Posted

What are the formalities required to be completed by NRIs for purchasing residential immovable property in India under the general permission?

1 Answer

0

Posted

The Indian Government has considerably eased the restrictions relating to investments by NRIs in residential property. There is virtually no restriction or approval required for an NRI to invest in properties in India from funds received in India through normal banking channels or held in Non-resident External (NRE) account/ Foreign Currency Non-resident (FCNR) account (B)/ Non-resident Ordinary (NRO) rupee account. However, investment in agricultural land/ plantation property/ farm house is currently prohibited. The recurring rental income earned on letting out of property is also freely repatriable.