What does Foreign Exchange Management Act (FEMA) has to say about acquisition of property in India by Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs)?
Non Resident Indians (NRIs) Persons of Indians Origin (PIOs) may: a. Purchase residential/commercial property in India out of funds remitted to India through normal banking channels or funds held in their Non-Resident (External) Account (NRIs) / Foreign Currency Non-Resident (Banking)Account[(FCNR) (B) account]/ Non Resident Ordinary (NRO) Account. b. Acquire any residential or commercial property by way of gift from residents or Non-Resident Indians (NIRs) or Persons of Indians Origin (PISs) but can gift only to the Resident Indian. c. Non Resident Indians (NRIs) / Persons of Indians Origin (PIOs) / Foreign National of Non Indians Origin can acquire by inheritance immovable property from a person who was Non Resident / Resident in India, except citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, who have to seek prior permission of RBI.
Related Questions
- II Acquisition of immovable property in India by way of purchase by a person resident outside India Q.2. Under the extant foreign exchange regulations to whom is general permission available for purchase immovable property in India?
- Is a person resident in India governed by the provisions of Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000?
- Is a resident in India governed by the provisions of Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000?
