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Farmhouse for rent in Westend Green !!!
Description:
2.5 acre farm house for rent in westend green in an excellent location.…
Read moreFAQ
Who can purchase immovable property in India?
Under the general permission available, the following can freely purchase immovable property in India:
- Non Resident Indian (NRI)- that is a citizen on India.
- Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan, Bangladesh, Sri Lanka, China, Bhutan, Afghanistan, Iran or Nepal), who:
- At any time held an Indian passport
- Either of his/her father and grandfather is/was an Indian citizen.
Whether NRI/PIO can acquire agricultural land/ plantation property/ farmhouse in India?
No, the general permission is not available and it requires specific approval from Reserve Bank of India, though the proposals are under consideration by the Government of India.
Does a NRI/PIO require submitting any documents to Government after the purchase of a residential/commercial property?
No, it’s a baseless rumor
Is there a limit on number of properties NRI/PIO can buy?
No, the number can be any as long as the property is only commercial or residential.
Can a NRI/PIO inherit an agricultural land/plantation property/farmhouse?
Yes, it can be inherited from (i) resident of India (ii) NRI/PIO.
Can a NRI/PIO acquire agricultural land/plantation property/farmhouse by way of GIFT?
No, it CAN NOT be acquired by way of gift. But it holds true for residential and commercial properties.
Can residential/commercial property owned by NRI/PIO be mortgaged?
Yes, it can be mortgaged to
(i) An authorized institution in India (no RBI approval required)
(ii) Any financial institution abroad (prior RBI approval required)
(i) An authorized institution in India (no RBI approval required)
(ii) Any financial institution abroad (prior RBI approval required)
Can NRI/PIO rent out the residential/commercial property?
Yes, NRI/PIO can rent out without any Government approval. Rent received can be credited to NRO/NRE account or directly remitted abroad.
How can a NRI/PIO make payment for the purchase of residential/commercial property in India?
It can be done in two ways
(i) funds directly remitted from foreign account
(ii) funds held in NRO/NRE accounts in India.
(i) funds directly remitted from foreign account
(ii) funds held in NRO/NRE accounts in India.
Can an office of a foreign company purchase immovable property in India?
Yes, but it requires a declaration in form IPI filed with RBI within 90 days AND the payment should be made via Foreign Inward Remittance.
