NRIs can buy both residential and commercial property in India but not agricultural land, farm houses, or plantation properties. However, if an NRI is willing to purchase agricultural land in India, it requires permission from the Reserve Bank of India for doing so.
What will happen if NRI buy agricultural land in India?
NRIs can sell agricultural land, plantation property, or farmhouse property provided the buyer is a citizen of India and resides in India. If the NRI has purchased such lands with permission from RBI, they require approval from RBI to complete a sale transaction. The sales proceeds can be remitted to an NRO account.
Can NRI invest in agricultural land in India?
NRIs cannot buy agricultural land in India except with the prior permission of the Reserve Bank of India (RBI).
Can h1b visa holder buy agricultural land in India?
No. An NRI cannot buy agricultural land in India. As per the guidelines issued by Reserve Bank of India, an NRI or PIO can invest in any residential or commercial property.
Can NRI buy farm land?
The Reserve Bank of India (RBI) has given general permission to NRIs to acquire property in India. … Regarding agricultural land, NRIs are NOT allowed to purchase agricultural land, farmland, farmhouses, or plantations in India.
Can a NRI sell property in India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.
Who is NRI as per Indian law?
Non Resident Indian is abbreviated by NRI. The Person of Indian Origin (PIO) who is residing outside India permanently is called as NRI. In another way, NRI is Indian citizen migrated to another country. Income Tax Act has not directly defined NRI.
Can NRI sell property in India without RBI permission?
An NRI or a Person of Indian Origin (PIO) is legally entitled to buy residential and commercial properties in India without prior permission from RBI and there is no restriction on the number of immovable properties they can buy. … However, they can inherit such property from a person resident of India and can hold it.
How can NRI permission buy RBI for agricultural land?
All requests for acquisition of agricultural land/plantation property/ farm house by any person resident outside India or foreign nationals may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.
Can OCI sell property in India?
So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.
Can NRIs buy residential plot in India?
An NRI can purchase the property, either as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.
Who can buy farm land in India?
Who can buy agricultural land in India. In some states like Telangana, anyone can buy agricultural land, regardless of whether or not they are farmers. However, in other states, like Karnataka, only registered farmers or those from farming families can buy agricultural land.
Is agricultural land a good investment in India?
Owning agriculture farm plots is a tremendously rewarding long-term wealth creation opportunity, especially if you are staying in a metropolitan city like Bangalore. … Agricultural land investment in India offers a high level of capital security as it is backed by a physical property.