Acquisition of Immovable Property by Non-Residents allowed with mandatory banking-channel funding and nationality-based restrictions. Non-Resident Indians and Overseas Citizens of India may acquire immovable property in India other than agricultural land, farm houses or plantation property provided consideration is paid only through prescribed banking channels or permitted non-resident accounts; gifting, inheritance and business related acquisitions are regulated with specific documentation, filing and nationality-based restrictions. Transfers to residents and certain transfers to NRIs/OCIs are permitted subject to compliance. Repatriation of sale proceeds is allowed where acquisition and funding complied with foreign exchange law, with limits on residential properties; transactions must be conducted through banking channels and comply with applicable taxes.
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 Non-Residents allowed with mandatory banking-channel funding and nationality-based restrictions.
Non-Resident Indians and Overseas Citizens of India may acquire immovable property in India other than agricultural land, farm houses or plantation property provided consideration is paid only through prescribed banking channels or permitted non-resident accounts; gifting, inheritance and business related acquisitions are regulated with specific documentation, filing and nationality-based restrictions. Transfers to residents and certain transfers to NRIs/OCIs are permitted subject to compliance. Repatriation of sale proceeds is allowed where acquisition and funding complied with foreign exchange law, with limits on residential properties; transactions must be conducted through banking channels and comply with applicable taxes.
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