A. Acquisition of Immovable Property in India through purchase / gift / inheritance

  • Who can purchase immovable property in India?
  • Can NRI / PIO acquire agricultural land / plantation property / farm house in india?
  • Are any documents required to be filed with the Reserve Bank after the purchase ?
  • How many residential / commercial properties can NRI / PIO purchase under the general permission?
  • Can a foreign national of non-India origin be second holder to immovable property by NRI / PIO?
  • Can a foreign national of non-India origin resident outside India purchase immovable property in India?
  • Can a foreign national who is a person resident in India purchase immovable property in India?
  • Can the branch / Liaison office of a foreign company purchase immovable property in India?
  • Can a NRI / PIO acquire immovable property in India by way of gift? Can a foreign national acquire immovable property in India by way of gift?
  • Can a non-resident inherit immovable property in India?
  • From whom can a non-resident person inherit immovable property?
  • B. Transfer of immovable property in India
         (I) Transfer by way of sale

  • Can an NRI / PIO / foreign national sell his residential/ commercial property?
  • Can a non-resident owning / holding agricultural land / a plantation property / a farm house in India sell the said property?
  •      (II) Transfer by way of gift

  • Can a non-resident gift his residential / commercial property?
  • Can an NRI / PIO / foreign national holding an agricultural land / a plantation property /a farm house in India, gift the same?
  •      (III) Transfer through Mortgage

  • Can residential / commercial property be mortgaged by NRI/PIO?
  • C. Mode of payment for purchase of immovable property in India

  • How can an NRI/ PIO make payment for purchase of residential / commercial property in India?
  • Is repatriation of application money for banking of flat / payment made to the builder by NRI/PIO allowed when the flat plot is not allotted or the booking/ / contract is cancelled?
  • Can NRI / PIO avail of lone from an authorized 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? How the lone can be repaid?
  • Can NRI/PIO avail of housing loan in Rupees from an Authorised Dealer or a Housing Finance Institution in India approved in India approved by the National Housing Bank for purchase of residential accommodation or for the purpose of repairs / renovation improvement of residential accommodation? How can such loan be repaid?
  • Can NRI /PIO avail of housing loan in Rupees from his employer in India?
  • D. Repatriation of sale proceeds of residential / commercial property purchased by NRI/ PIO

  • Can NRI / PIO repatriate outside the sale proceeds of immovable property held in India?
  • Can an NRI /PIO repatriate the proceeds in case the sale proceeds were deposited in the NRO account?
  • If a Rupee loan was taken by the NRI / PIO from an Authorised Dealer or a Housing Finance Institution for purchase of residential property can the NRI/PIO repatriate the sale proceeds of such property?
  • If immovable property was acquired by way of gift by the NRI /PIO, can he repatriate abroad the funds from sale of such property?
  • If the immovable property was received as inheritance by the NRI / POI can he repatriate of applicable taxes.
  • E. Provisions for Foreign Embassies / Diplomats/ Consulates General

  • Can Foreign Embassies / Diplomats / Consulates General purchase / sell immovable property in India ?
  • F. Other Aspects

  • Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds ?
  • Can a person who had bought immovable property, when he was a resident, continue to hold such property even after becoming an NRI / PIO ?
  • In which account can the sale proceeds of such immovable property be credited ?
  • Can the sale proceeds of the immovable property referred to in Q. No. 29 be remitted abroad ?
  • Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific approval of the Reserve Bank continue to hold the same ? Can they transfer such property ?
  • Is a resident in India governed by the provisions of the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulation, 2000 ?
  • Information for purchase / sale of immovable property in India by Non-Resident Indians, Foreigners of Indian origin and other Foreigners, etc.

    Types Residential
    Purpose
    Commercial
    Purpose
    Funds for
    Investment in Property
    Letting out of Property Proceeds Repatriable /
    Non-Repatriable
    1.Non Resident Indian No RBI Approval
    required
    No RBI Approval required (a)Direct remittance NRO / NRE A/c (b)Loans against NRE / FCNR Deposits for Residential House only No RBI Approval required Repatriation of sale Proceeds equivalent to the Original Investment is permitted for a maximum of two houses as well as Commercial Property after 3 years of acquisition (i.e. possession) or payment of last installment, whichever is later, provided the investment is out of direct remittance of NRE / FCNR account. Form IPI 8 to be submitted to RBI within 90 days of sale of the property.
    2.Foreign citizen of Indian Origin No prior RBI approval only intimation to RBI in Form IPI-7 within 90 days of purchase (Press Release dated 8/1/1992) No RBI approval required Intimation to RBI in Form IPI-7 within 90 days of purchase (08/06/93 Circular) (a)Out of NRE / FCNR A/c or Foreign remittance (b)Loans against NRE / FCNR Deposits for Residential House only (C)With prior approval of RBI from NRO account No RBI approval required Same as above
    3. Non Citizens of Foreign Origin i.e. Foreigners RBI approval required (Circular dated 23/3/1992) RBI approval required Direct remittance RBI approval required (Circular dated 23/3/1992) Non Repatriable
    4. OCB (a) Controlled by NRI 60% (b) Others (a) RBI approval required
    (b) RBI approved required
    (a) NRI approval required
    (b) RBI approval required
    (a) Direct remittance
    (b) Direct remittance
    (a) RBI approval required
    (b) RBI approved required
    (a) Non Repatriable
    (b) Non Repatriable
    5. FERA Companies No RBI approval required (FERA 104 / 92-RB Dated 29/1/92) No RBI approval required Direct Remittance NO RBI approval (Circular Dated 23/3/1992) Non Repatriable
    NOTE:
    (a) Citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Nepal and Sri Lanka are deemed not be of Indian origin.
    (b) Income from letting out not allowed to be repatriated under any circumstances to any of the above.

    ( XII ) OVERSEAS CITIZEN OF INDIA (OCI)
    SCHEME

    Application for the OCI Scheme will be received at the Indian Embassy, Washington, DC and Consulates General of India, USA with effect from January 9,2006.

  • 12.1 HIGHLIGHTS OF THE SCHEME
  • 12.5 ELIGIBILITY CRITERIA:
  • 12.8 OCI REGISTRATION FOR PIO CARD HOLDER:
  • 12.9 OCI REGISTRATION FOR PERSONS WHO HAVE APPLIED ON THE EARLIER PRESCRIBED APPLICATION FORM:
  • 12.10 CANCELLATION OF OCI REGISTRATION:
  • 12.11 BENEFITS TO OCI:
  • 12.12 BENEFITS TOWHICH OCI IS NOT ENTITLED TO :
  • Frequently asked questions (FAQs) On Overseas Citizenship of India (OCI)

  • 1. Who is eligible to apply ?
  • 2. Which territories became part of India after on 26.01.1950 ?
  • 3. Which territories to become part of India after 15.08.1947 and from what date ?
  • 4. Can the spouse of the eligible person apply for OCI ?
  • 5. Can children of parents, wherein one of the parents is eligible for OCI, apply for OCI ?
  • 6. In what form should a person apply for OCI and where are they available?
  • 7. Can application form be filled and submitted on line ?
  • 8. What documents have to be attached with the application ?
  • 9. What documents would qualify for “Any other proof” for evidence of self or parents or grandparents being eligible for grant of OCI ?
  • 10. How many copies of application have to be submitted ?
  • 11. Whether applicant(s)have to go in person to submit the application(s) ?
  • 12. Do the applicant(s) have to take oath before the consul of the Indian Mission / post ?
  • 13. Where to submit the application ?
  • 14. Can a person apply in the country where he is ordinarily residing ?
  • 15. What are the consequences of furnishing wrong information or suppressing material information ?
  • 16. What is the fee for application for registration as OCI ?
  • 17. What is the time taken for registration as OCI ?
  • 18. If the registration as OCI is not granted, what amount will be refunded ?
  • 19. Can a PIO cardholder apply ?
  • 20. Will the PIO Cardholder be granted OCI registration gratis ?
  • 21. Will the PIO card be honored till the time they are valid even after acquisition of OCI ?
  • 22. What will be issued after registration as OCI ?
  • 23. What will be issued after registration as OCI ?
  • 24. Will a duplicate certificate registration as OCI will be issued ?
  • 25. Will a new OCI visa sticker be issued on the new foreign passport after the expiry of the old passport ?
  • 26. Will the applicant lose his citizenship after registering as OCI ?
  • 27. Can a person holding OCI travel to protected area / restricted area without permission ?
  • 28. Would the Indian civil / criminal laws be applicable to persons registered as OCI ?
  • 29. Can a person registered as OCI be granted Indian citizenship ?
  • 30. Will OCI be granted gratis to certain categories of people ?
  • 31. Can OCI be granted to foreign nationals who are not eligible for OCI, but married to persons who are eligible for OCI ?
  • 32. Will foreign born children of PIOs be eligible to become OCI ?
  • 33. What are the benefits of OCI ?
  • 34. Will any other benefit be granted to OCI ?
  • 35. Whether the OCI is entitled to voting rights ?
  • 35. Whether the OCI is entitled to voting rights ?
  • 36. Whether the OCI is entitled to hold Government posts in India ?
  • 37. If a person is already holding more than one nationality, can he / she apply for OCI ?
  • 38. What are the advantages of OCI when compared to PIO card holders?
  • 39. Whether an OCI be entitled to apply for and obtain a normal Indian passport, which is given to a citizen of India ?
  • 40. Whether nationals of Commonwealth countries are eligible for OCI ?
  • 41. Can a person renounce OCI ?
  • 42. DO the applicants who have applied on the earlier prescribed application form have to again in the new form ?
 
 
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