Acquisition And Transfer Of Immovable Property By An NRI
[ Acquisition and Transfer of Immovable Property in India by NRIs and FEMA]
In terms of Regulation No.3 of the aforesaid Regulations, an Indian citizen resident outside India is permitted to —
acquire any immovable property in India other than agricultural/plantation property or a farm house;
transfer any property in India to a person resident in India;
transfer any property other than agricultural or plantation property or a farm house to an Indian citizen or a person of Indian origin as defined in Regulation 2(c), resident outside India.
NRIs who are Indian citizens enjoy great privileges in the matter of acquisition and transfer of an immovable property in India as mentioned above. This privilege is not enjoyed by a Non-resident person of Indian origin, namely, a Non-resident who is not a citizen of India.
Acquisition and Transfer of Immovable Property in India by NRIs and FEMA
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