Q: Can a PIO transfer by way of sale his residential/commercial property to an NRI or a PIO?
A: No. A person resident outside India cannot acquire agricultural land/plantation property/farm house in India by way of gift
Q: Can a foreign national of non-Indian origin resident outside India transfer by way of sale agricultural land acquired by him in India?
A: A foreign national of non-Indian origin resident outside India would need to seek prior approval of Reserve Bank for transfer, by way of sale, agricultural land/plantation property/farm house...
Q: If an Indian Resident die and his executor in India transfer his money (3 crs) to an NRI who is grandson of deceased, whether RBI permission require for transfer of money from deceased or executor account to NRI (USA) in his NRO account in India. Deceased has made will and WILL is probated in Court.
A: Yes, an NRI/PIO can receive a gift from a resident relative. However, the amount cannot exceed the limit prescribed under LRS, i.e., $250,000 per financial year
The account can be credited with...
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.