Non-Resident Indians (NRI’s) and Overseas Citizens of India (OCIs) are permitted to acquire property in India, other than agricultural land/ plantation property/ farm house.
Such property may either be
- purchased by them or
- received as a gift from a resident or a relative or
- through inheritance from a resident or a non-resident.
The payment for purchase of property needs to be made out of funds received in India through banking channels by way of inward remittance from any place outside India or by debit to their NRE/ FCNR (B)/ NRO account.
NRIs and OCIs may transfer immovable property other than agricultural land/ plantation property/ farm house to
- A person resident outside India who is a citizen of India or
- A person of Indian origin resident outside India or
- A person resident in India.