What is the position in respect of a person of Indian origin resident outside India (PIO) for acquisition/ transfer of immovable property in India?
Ans. • A PIO does not require any specific permission to acquire any immovable property other than agricultural land/ farm house/ plantation property in India by purchase, from out of funds: received in India by way of inward remittance through banking channel from any place outside India; or held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act and the regulations made by the Reserve Bank under the Act. • A PIO does not require any specific permission to acquire any immovable property in India other than agricultural land/ farm house/ plantation property by way of gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of Indian origin resident outside India. • A PIO does not require any specific permission to acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property in accordance with the
Ans. • A PIO does not require any specific permission to acquire any immovable property other than agricultural land/ farm house/ plantation property in India by purchase, from out of funds: • received in India by way of inward remittance through banking channel from any Palace outside India or • held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act and the regulations made by the Reserve Bank under the Act. • A PIO does not require any specific permission to acquire any immovable property in India other than agricultural land/ farm house/ plantation property by way of gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of Indian origin resident outside India. • A PIO does not require any specific permission to acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property in accordance with
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