Non-resident property acquisition: NRIs and OCIs may buy and transfer immovable property subject to fund and property-type restrictions. An NRI or OCI may acquire immovable property in India other than agricultural land, farmhouses or plantation property provided consideration is received by inward remittance through banking channels or from permitted non-resident accounts; prohibited payment modes include traveler's cheques and foreign currency notes. Acquisition by gift from residents or qualifying relatives and acquisition by inheritance (where prior acquisition complied with foreign exchange rules) are permitted. NRIs and OCIs may transfer immovable property to persons resident in India and may transfer non-agricultural immovable property to other NRIs or OCIs.
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.
Non-resident property acquisition: NRIs and OCIs may buy and transfer immovable property subject to fund and property-type restrictions.
An NRI or OCI may acquire immovable property in India other than agricultural land, farmhouses or plantation property provided consideration is received by inward remittance through banking channels or from permitted non-resident accounts; prohibited payment modes include traveler's cheques and foreign currency notes. Acquisition by gift from residents or qualifying relatives and acquisition by inheritance (where prior acquisition complied with foreign exchange rules) are permitted. NRIs and OCIs may transfer immovable property to persons resident in India and may transfer non-agricultural immovable property to other NRIs or OCIs.
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