Restriction on acquisition of foreign immovable property: residents need RBI permission, with narrow inheritance, gift and purchase exceptions.

Residents require Reserve Bank permission to acquire or transfer immovable property outside India, subject to exemptions including foreign-national holders, short leases, inheritance, gifts, purchases from compliant residents, purchases from RFC accounts, remittances under the Liberalised Remittance Scheme, joint acquisition with a relative abroad, acquisitions from permitted overseas income or sale proceeds, and permitted acquisitions by Indian entities for overseas staff; prior-compliant acquisitions may be transferred or charged as permitted, but holdings or transfers are disallowed if the initial investment was not permitted under the Act.

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