Frequent Questions for NRIs

Property Related Frequently Asked Questions

NRI/OCI/PIO can buy any residential or commercial property in India; however they cannot buy agriculture land in India.
There are no restrictions in terms of numbers of properties that can be bought by NRI/PIO/OCI; however they can sell only two properties in a financial year.
It is mandatory for NRI/PIO/OCI to make payments only from the below options for buying Property in India:
• NRE Account: Known as Non Residential External account, these are special kind of accounts for NRI’s.
• NRO Account: Known as Non Residential Ordinary account
• FCNR Account: Known as Foreign Currency National Rupee Account. It’s a kind of fixed deposit account and one can maintain account in a choice of 6 currencies: USD, GBP, EUR, JPY, CAD and AUD.
• Wire Transfer: - it means transfer of payment directly from the Foreign Bank to the desired Indian bank account. In this case a wire transfer remittance receipt is issued by the foreign bank confirming the amount transferred in Indian bank account.
Yes, NRI/ PIO/OCI can freely acquire immovable property in India by way of gift either from Resident Indian or NRI/ PIO/OCI and NRI/ PIO/OCI may gift residential/commercial property to Resident Indian, NRI/ PIO and OCI - with approval of RBI
Yes, during repatriation Capital Gain Tax (Long Term/Short Term) as applicable will be attracted. The charges for the same are already explained in the capital gain tax definition.

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