Can OCI holder register agricultural land purchased in India by father
Can an agricultural land be registered in the name of an OCI (daughter)when it is purchased by an indian citizen(father) to save registering the same land or later inheritting it?
Raju Kanumuri: An NRI is eligible to inherit property from a resident of India, and also a non-resident Indian. However, you must make sure that the person you inherit property from has obtained the real estate or property in accordance with the Foreign Exchange Law in place at the time of sale. Your property should have been in accordance with the FEMA regulations present at the time of sale of the property. There is no restriction on the type of property you can inherit in India. This means you can inherit agricultural land, plantations, commercial or residential land, and properties.
For further more information you can follow the link https://www.videshi.com/nri-articles/nri-inherting-property
Q: How much foreign currency can an NRI bring along with him on his/her visit to India, without customs declaration form (CDF)?
A: An individual NRI can bring USD 10,000/- or equivalent (in the form of FCTC/FC) of which maximum USD 5000/-can be in the form of currency notes without declaring the same in CDF. Any amount in...
Q: Are there any charges while remitting the FCNR proceeds abroad?
A: No, commissions are levied while remitting the FCNR proceeds on maturity.
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A: Yes, NRIs can nominate either a resident or a non-resident as Nominee. However, only one nominee is permitted per account. The nominee can also be a minor in which case, the guardian has to be...
Q: Can NRI invest in an immovable proprietary/partnership concern?
A: Yes, Repatriation benefit is available for 2 residential houses. The purchase should be out of funds remitted from aboard or out of NRE/FCNR accounts, in accordance with the provisions of FERA/FEMA.
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.