Q: Can NRI rent property in India?
A: An NRI can rent ou property that he owns in India. The rent proceeds can be credited to the NRE or NRO account. Since the income is earned in India, the tax will be payable by the NRI in India. in...
Q: What are the formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?
A: Foreign nationals are required to file a declaration in the form IPI 7 with the central office of the RBI within a period of 90 days from the date of purchase or final payment.
Q: What should be the method of payment for NRIs to purchase property in India?
A: NRIs are allowed to purchase properties by funds remitted through normal banking channels or funds in NRE/FCNR accounts maintained with banks in India.
Q: Do non-resident Indian nationals require permission of the RBI to acquire residential/commercial property in India?
A: No permission is required by non-resident Indian nationals to acquire immovable property in India.
Q: Can the rental income from property in India be remitted outside India?
A: No, such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Q: What should be the method of payment for purchasing residential immovable property in India by foreign nationals of India by foreign nationals of Indian origin under the general permission?
A: The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained banks in India.
Q: Can foreigners own land in India?
A: No, a foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was...
Q: Can NRI get agricultural lands as a gift?
A: Yes, NRIs and PIOs can receive property as gifts from a person resident in India, from another NRI or from PIO. However, the property can be only a commercial property or a residential property....
Q: Are NRIs allowed to transfer their residential property by way of sale or gift?
A: Yes, as per provisions of the foreign exchange management act, RBI allows NRIs to sell or gift their property to an Indian resident.
Q: Can foreign citizen of Indian origin acquire commercial properties in India?
A: Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the...