Money Transfer To India
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Property Purchase In India
Owning a property in India may be a dream for many people, but there are certain restrictions which is dependent on your parentage when it comes to property and land ownership. We will outline some of the restrictions and requirements but it is highly recommended that you seek proper legal advice before entering into any property or land purchases in India. Class Of ResidencyThe ability and restrictions on purchasing a property in India will depend on your residency status which is categorised by the following: PIO (Person of Indian Origin) - For the purpose of acquisition and transfer of immovable property in India, a PIO means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who (a) at any time, held Indian passport; or (b) who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). NRI (Non-Resident Indian) - Non-Resident Indian or NRI refers to a person of Indian origin staying in a different global location for employment/carrying on business or vocation. Foreign National of Non-Indian Residency - Applies to any citizen of any other country Restrictions Of Immovable Property in IndiaFull details of all regulations regarding acquisition and transfer of immovable property in India by a person resident outside India has been notified vide RBI Notification No. FEMA 21/2000-RB dated May 3, 2000 as amended vide Notification No. FEMA 64/2002-RB dated June 29, 2002 and Notification No. FEMA 65/2002-RB dated June 29, 2002 and relevant directions issued in the form of A.P. (DIR Series) Circulars. These are available on RBI website: www.fema.rbi.org.in Who Can Purchase Property In India?Both PIO and NRI can purchase immovable residential/commercial property in India and are not required to file any documents with RBI (Reserve Bank of India). There are no restrictions on the number of residential/commercial properties purchased by PIO or NRI. PIO and NRI are also able to aquire ownership of residential/commercial properties by way of a gift from a person resident in India or PIO/NRI. Foreign Nationals of Non Indian Origin cannot purchase property in India or be added as a second holder to a purchase of residential/commercial property by PIO/NRI. They can however lease a residential accomodation of up to 5 years for which he/she does not require prior permission of RBI. Foreign Nationals of Non Inidan Origin are unable to aquire residential/commercial property by way of a gift. Agricultural Land, Plantation Property and Farm HouseAny person living outside of India, either PIO/NRI or Foreign National is unable to accept agricultural land, plantation property or farm house are uable to aquire them by way of a gift. Under general permission PIO/NRI may transfer by way of sale his agricultural land,plantation property or farm house in India to a person resident in India who is a citizen of India. Before entering into any property purchase in India professional legal advice should be sought.
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