Restriction on overseas immovable property acquisition: residents need Reserve Bank permission, with limited exceptions and permitted modes. Restriction on acquisition or transfer of immovable property outside India requires Reserve Bank general or special permission for residents, with exemptions for residents who are nationals of a foreign state and pre 1947 acquisitions retained with permission. Residents may acquire property abroad by gift or inheritance from specified persons, by purchase using funds in an RFC account, or jointly with a non resident relative without funds outflow. Inheritance or gifts from residents who complied with foreign exchange rules at original acquisition are permitted. Indian companies with overseas offices may acquire property for business and staff housing per Reserve Bank directions.
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.
Restriction on overseas immovable property acquisition: residents need Reserve Bank permission, with limited exceptions and permitted modes.
Restriction on acquisition or transfer of immovable property outside India requires Reserve Bank general or special permission for residents, with exemptions for residents who are nationals of a foreign state and pre 1947 acquisitions retained with permission. Residents may acquire property abroad by gift or inheritance from specified persons, by purchase using funds in an RFC account, or jointly with a non resident relative without funds outflow. Inheritance or gifts from residents who complied with foreign exchange rules at original acquisition are permitted. Indian companies with overseas offices may acquire property for business and staff housing per Reserve Bank directions.
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