NRI Corner

We have put together the list of most relevant questions from an NRI/PlO’s perspective.

Who is classified as an NRI?

Who is classified as a PIO?

Does NRI/PIO require permission of The Reserve Bank to acquire residential/ commercial property in India?

How many residential / commercial properties can NRI / PIO purchase under the general permission?

Do any documents need to be filed with Reserve Bank of India after purchase?

Whether immovable property in India can be acquired by way of gift?

Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds?

Whether a non-resident can inherit immovable property in India?

Property Purchase / Sale

Acquisition of Immovable Property in India.

Who can purchase immovable property in India?

Whether NRI/PIO can acquire agricultural land/ plantation property / farm house in India?

How many residential / commercial properties can NRI / PIO purchase under the general permission?

Can a foreign national of non-Indian origin be a second holder to immovable property purchased by NRI / PIO?

Mode of Payment for Purchase/ Loan

How can an NRI / PIO make payment for purchase of residential / commercial property in India?

Can NRI / PIO avail of loan from an authorised dealer for acquiring flat / house in India for his own residential use against the security of funds held in his NRE Fixed Deposit account / FCNR (B) account?

Can such loans be repaid?

Property Sale

Can an NRI/ PIO/foreign national sell his residential / commercial property?

Can an agricultural land / plantation property / farm house in India owned / held by a non-resident be sold?

Can a non-resident gift his residential / commercial property?

Repatriation

Property acquired of foreign Exchange source?

Property acquired out of Rupee source?

Repatriation of rental income?