Q: Can a foreign citizen of Indian origin purchase commercial properties in India?
A: Provided the purchase consideration is met either out of inward remittance in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with...
Q: Can foreign citizens of Indian origin purchase commercial properties by way of gifting?
A: Yes, subject to compliance with applicable tax laws and up to two houses. The RBI has granted general permission to a foreign citizen of Indian origin to give or receive properties by way of gift...
Q: What are the norms of repatriation of funds that arise from the sale of immovable property by NRI/PIO?
A: As per RBI norms, if the property was acquired through remittance via normal banking channels/by debit to NRE/FCNR (B) account, the amount to be repatriated should not exceed the amount paid for...
Q: Is rental income from property repatriable?
A: Rental income from property is repatriable as per the norms of RBI. Rental income is subject to an income tax deduction and certification from a chartered accountant.
Q: Can the properties (residential/commercial) be given on rent if not required for immediate use?
A: Yes! There is no clause by the RBI, which restricts an NRI or PIO to rent the properties acquired by them. The amount received from rentals can also be repatriated back to the country they are...
Q: Do you require the permission of the RBI to transfer immovable property in India?
A: No! NRIs and PIOs do not require the permission of the RBI in order to transfer immovable property to any Indian Citizen, NRI or PIO.
Q: What method should an NRI or PIO use in order to purchase property in India?
A: An NRI or PIO can purchase property either through an inward remittance in foreign exchange through normal banking channels or through the funds available in the NRE/NRO/FCNR accounts maintained in...
Q: Are NRIs allowed to acquire or dispose of immovable property in India?
A: Yes! The RBI has clearly granted permission to all NRIs to acquire & dispose of immovable property in India, be it Residential or Commercial Property. However, the RBI has a restriction on the...
Q: Can NRI transfer their properties by way of sale?
A: Yes, as per current guidelines NRIs are allowed to transfer their properties by way of sale.
Q: Can NRIs send drafts issued by exchange houses for the acquisition of residential flats in India?
A: Yes. NRIs can send drafts issued by Exchange Houses in favor of co-operative housing societies/estate develops for the acquisition of residential flats in India in individual names.