Acquisition of immovable property by person of Indian origin allowed with mandated banking payment channels and transfer restrictions. Persons of Indian origin resident outside India may acquire non-agricultural immovable property in India provided purchase consideration is paid by inward remittance through normal banking channels or from funds in permitted non-resident accounts; prohibited payment modes include traveller's cheques and foreign currency notes. Acquisition by gift or inheritance is permissible under prescribed conditions. Transfers permit sale of non-agricultural property to residents; agricultural land/farmhouse/plantation may be transferred only to resident Indian citizens by gift or sale; residential or commercial property may be gifted to specified recipients including persons of Indian origin abroad.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acquisition of immovable property by person of Indian origin allowed with mandated banking payment channels and transfer restrictions.
Persons of Indian origin resident outside India may acquire non-agricultural immovable property in India provided purchase consideration is paid by inward remittance through normal banking channels or from funds in permitted non-resident accounts; prohibited payment modes include traveller's cheques and foreign currency notes. Acquisition by gift or inheritance is permissible under prescribed conditions. Transfers permit sale of non-agricultural property to residents; agricultural land/farmhouse/plantation may be transferred only to resident Indian citizens by gift or sale; residential or commercial property may be gifted to specified recipients including persons of Indian origin abroad.
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