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Acquisition:
An Indian citizen resident outside India may acquire immovable property in India provided it is not an agricultural or plantation property or a farm house. It is required that payment of the purchase price, if any, is made out of:
- funds received in India through normal banking channels by way of inward remittance from any place outside India;
- funds held in any non-resident account which is maintained according to the Foreign Exchange Management Act or RBI's regulations.
It is further required that such payment is not made by traveller's cheque or by foreign currency notes.
Transfer:
An Indian citizen resident outside India may transfer:
- any immovable property in India to a person resident in India, and
- any immovable property other than agricultural or plantation property or a farm house to a person resident outside India who is an Indian citizen or to a person of Indian origin who is resident outside India.
ACQUISITION AND TRANSFER BY A PERSON OF INDIAN ORIGIN:
A person of Indian origin as per the Reserve Bank regulations refers to an individual who is not a citizen of Pakistan / Bangladesh / Sri Lanka / Afghanistan / China / Iran / Nepal / Bhutan, and who at any time held Indian passport; or who or either of whose father / grandfather was an Indian citizen by virtue of the Indian Constitution or the Citizenship Act, 1955.
Acquisition:
A person of Indian origin resident outside India may acquire any immovable property in India other than an agricultural or plantation property or a farm house:
- provided that payment of the purchase price, if any, is made out of:
- funds received in India through normal banking channels by way of inward remittance from any place outside India;
- funds held in any non-resident account which is maintained according to the Foreign Exchange Management Act or RBI's regulations.
It is further required that such payment is not made by traveller's cheque or by foreign currency notes.
- by way of gift from a person resident in India / a person resident outside India who is an Indian citizen / a person of Indian origin resident outside India;
- by way of inheritance from a person resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him / the provisions of these Regulations / from a person resident in India.
Transfer:
- A person of Indian origin resident outside India may transfer any immovable property in India other than an agricultural or plantation property or a farm house by way of sale to a person resident in India.
- A person of Indian origin resident outside India may transfer agricultural or plantation property or a farm house in India, by way of gift or sale to a person resident in India who is an Indian citizen.
- A person of Indian origin resident outside India may transfer residential or commercial property in India by way of gift to a person resident in India / to a person resident outside India who is an Indian citizen / to a person of Indian origin resident outside India.
ACQUISITION OF IMMOVABLE PROPERTY FOR CARRYING ON A PERMITTED ACTIVITY:
A person resident outside India who has established in India a branch, office or other place of business (as per the Foreign Exchange Management Regulations, 2000) for carrying on in India any activity, excluding a liaison office, may:
- acquire any immovable property in India, which is necessary for or incidental to carrying on such activity, provided all applicable laws, rules, regulations, and directions are complied with and the person files a declaration with the Reserve Bank;
- transfer the immovable property acquired in the manner mentioned above, by mortgaging it to an authorized dealer as a security for any borrowing.
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