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Author Topic: Property rights regarding NRI  (Read 3782 times)

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Offline advkartik

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Property rights regarding NRI
« on: March 02, 2012, 09:21:17 PM »
Can a person who had bought immovable property, when he was a resident, continue to hold such property even after becoming an NRI/PIO?

Ans. Yes, a person who had bought the residential / commercial property / agricultural land/ plantation property / farm house in India when he was a resident, continue to hold the immovable property without the approval of the Reserve Bank even after becoming an NRI/PIO.

In which account can the sale proceeds of such immovable property be credited ?

Ans. The sale proceeds may be credited to NRO account of the NRI /PIO.

Can the sale proceeds of the immovable property be remitted abroad ?

Ans. Yes, From the balance in the NRO account, NRI/PIO may remit up to USD one million, per financial year, subject to the satisfaction of Authorised Dealer and payment of applicable taxes. 

Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific approval of the Reserve Bank continue to hold the same?  Can they transfer such property?

Ans. Yes, they may continue to hold the immovable property under holding license obtained from the Reserve Bank. However, they can transfer the property only with the prior approval of the Reserve Bank.

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