What are the rules governing the acquisition of immovable property?
(A) Rules for Indian citizens residing outside India for acquiring immovable property by way of: I – Acquisition: a. Purchase – General permission is granted for purchasing any immovable property in India (other than agricultural land, plantation or farm house property). b. Gift – General permission is granted to acquire any immovable property (other than agricultural land, plantation or farmhouse property) as a gift. c.Inheritance -General permission is granted for inheriting immovable property including agricultural land, plantation or farm house property from a person resident in India, or an Indian citizen resident outside India or a foreign citizen of Indian origin. The inheriting person should have acquired the said property in accordance with the provisions of Foreign Exchange Law in force at the time of acquisition. Agricultural land, plantation or farmhouse property can be acquired by way of inheritance only. II – Transfer / sell: General permission is available for transfer o
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