How can a Non-resident Indian (NRI) [NRI refers to a person resident outside India who is a citizen of India] and an Overseas Citizen of India (OCI) [Overseas Citizen of India (OCI) is a person resident outside India who is registered as an Overseas Citizen of India Cardholder under Section 7(A) of the Citizenship Act, 1955.] acquire immovable property in India?
Purchase of Immovable Property - As on Apr 06, 2023
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NRI and OCI property acquisition rules permit purchase and inheritance of non agricultural immovable property with restricted gifts and sales. NRIs and OCIs may purchase and receive by gift immovable property other than agricultural land, plantations, or farmhouses from residents, NRIs, or OCIs ... Summary
NRI and OCI property acquisition rules permit purchase and inheritance of non agricultural immovable property with restricted gifts and sales.
NRIs and OCIs may purchase and receive by gift immovable property other than agricultural land, plantations, or farmhouses from residents, NRIs, or OCIs (gifts allowed from relatives). They may inherit immovable property from persons who acquired it lawfully or from residents. Sales of non agricultural immovable property may be made to residents, NRIs, or OCIs; agricultural land, plantations, and farmhouses may be sold or gifted only to residents, while residential and commercial property may be gifted to residents, NRIs, or OCIs.
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