NRIs can buy both residential and commercial property in India but not agricultural land, farm houses, or plantation properties. However, if an NRI is willing to purchase agricultural land in India, it requires permission from the Reserve Bank of India for doing so.
What happens if NRI buy agricultural land in India?
NRIs can sell agricultural land, plantation property, or farmhouse property provided the buyer is a citizen of India and resides in India. If the NRIs have purchased such lands with permission from RBI, they require approval from RBI to complete a sale transaction. The sales proceeds can be remitted to an NRO account.
Can parents of NRI buy agricultural land in India?
NRIs are not legally eligible to buy an agricultural land in India. An NRI cannot purchase any type of property in India without prior approval from RBI (Reserve Bank of India). More so, an NRI is also not able to acquire agricultural land by way of gift. They can only acquire agricultural land by inheritance.
Can NRI buy property in wife name?
If you want to buy a house in your wife’s name but don’t want the rent to be taxed as your income, you can loan her the money in exchange for her jewellery of the same amount in your favour. … There is no restriction to transfer any amount of money from your NRE Account to your wife’s resident account.
Can a US citizen buy agricultural land in India?
Can my brother, who is a US citizen, inherit agricultural land? Under the exchange control law, non-resident Indians or foreign passport holders are prohibited from acquiring agricultural land in India. … However, your brother will be able to transfer such agricultural land only to a person resident in India.
Can NRI get agricultural land gifts?
Rules say that an NRI or a PIO can only purchase residential or commercial real estate, but not agricultural land or a farmhouse. However, there is no restriction if the agricultural land or farmhouse comes as inheritance or is gifted to the individual. This inheritance can come even from a non-relative.
Who Cannot buy agricultural land in India?
NRIs as well as OCIs can’t directly buy agricultural land, plantation property, or a farmhouse in India but they can inherit it from a Resident Indian. An NRI can even inherit such properties from other NRIs subject to certain regulations such as special permissions from RBI.
Can h1b holder buy agricultural land in India?
The answer to this, too, is no. NRIs cannot acquire agricultural land in India even by gift. While other types of properties can be acquired by the way of gift, this is not so for agricultural land.
Can green card holder buy property 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 resident in India.
How do I get RBI permission to buy agricultural land?
All requests for acquisition of agricultural land/plantation property/ farm house by any person resident outside India or foreign nationals may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.
Can husband claim it benefit on wife property?
Yes, husband can claim ownership of property bought in wife’s name provided the funds used for buying the property is from known sources and legal.
Can wife buy husband’s property?
Wife’s Rights on Husband’s Property in India
A wife is entitled to inherit an equal share of her husband’s property. However, if the husband has excluded her from his property through a will, she does not have a right to her husband’s property. Moreover, a wife has a right to her husband’s ancestral property.
Can I buy a house from my wife?
If a house has $500,000 equity and the spouses agree all of that equity is community property, one spouse can buy the other one out of his or her interest in the house by paying that other spouse $250,000.
Can non farmer buy agricultural land in India?
Anyone with a maximum income of 25 lakh per year from non-agricultural sources is permitted by law to buy agricultural land, irrespective of their family origin. Previously, the income limit was Rs 2 lakh, but it was raised to Rs 25 lakh in June 2015.
Can an OCI buy agricultural land in India?
While OCI cardholders are permitted to purchase immovable property in India, they are not allowed to buy agricultural land, farmhouse or plantation property.
Can OCI be gifted agricultural land in India?
Yes she can. An OCI can ingerit land or he can receive the property as a gift. … The property can be only a commercial property or a residential property. Agricultural land, plantation property and farm house in India cannot be acquired by way of gift from either parent if they are NRI or OPI.