Q: Can foreign embassies sell immovable property in India?
A: In terms of Regulation 5A of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000, Foreign Embassies/ Diplomats/ Consulates General may...
Q: What are the norms of repatriation of funds that arise from the sale of immovable property by NRI?
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: Can sale proceeds of such property if and when sold be remitted out of India?
A: In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign...
Q: Can such property be sold without the permission of RBI?
A: Yes. RBI has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration...
Q: Whom can NRI transfer by way of sale his agricultural land/plantation property/farm house in India?
A: Under the general permission available NRI/PIO may transfer by way of sale his agricultural land/plantation property/farm house in India to a person resident in India who is a citizen of India.
Q: Whom can an NRI sale/transfer property in India?
A: An NRI can sell/ transfer the property in India to a citizen of India or NRI or foreign national of Indian origin.
Q: Can an agricultural land/ plantation property/ farm house in India owned/ held by NRI be sold?
A: NRI / PIO may sell agricultural land /plantation property/farm house to a person resident in India who is a citizen of India.
Q: Can NRI/ PIO and foreign national sell his residential/commercial property?
A: Yes. Reserve Bank of India has granted general permission for sale of the residential/ commercial property.
Q: Is it possible for NRIs to acquire or dispose of the residential/commercial property by way of gift?
A: Yes! The RBI has not applied any restrictions on NRIs or PIOs to acquire or dispose of residential/commercial property, by way of gifts to other Indian citizens, NRIs or PIOs, unless the immovable...
Q: Can NRI sell inherited property in India?
A: An NRI can gift away the inherited property or sell the same and remit the money outside India. NRI can gift the inherited property, only to a person who is resident in India or an NRI.