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| Home > Real Estate, Wills, Probate and Trust > Real Estate in India- An Attractive Venture For Non-Residents Indians. |
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| Non-Resident Indians |
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Non-Resident Indians- A new class of investors in Indian real estate:
A NRI is essentially an Indian citizen, who has elected to stay and work for gain abroad for a specified number of days in a given financial year. It is the residential status of the person, which determines whether the person is a resident of India or is a resident out side India.
An Indian National, who has acquired citizenship of another country, cannot qualify to be a NRI . Such persons cease to be Indians and become a foreign national. The Government of India, has however, carved out another classification, for persons, who either them selves or their parents or grand parents were citizens of India at the time of India becoming Republic. These persons have been termed as Persons of Indian Origin (hereinafter referred to as PIO ). The PIO 's have been placed at par with Non resident Indians in many respects, including the right to acquire property in India.
The Indian Government has made every effort to encourage investments in India in real estate, stocks and other investment opportunities.
A Non-Resident Indian
The expression Non Resident Indian is reserved for Indian citizens. It has been defined in the Income Tax Act, 1961 and Foreign Exchange Management Act, 1991(FEMA) as an expression "Resident out side India". It is stated that a person who has stayed outside India for a period of more than 182 days, for the purposes of employment, carrying on business, or for any other purpose, as would indicate his intention to stay outside India for an uncertain period in the preceding financial year, would be considered to a Resident out side India.
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