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image ACQUISITION OF PROPERTIES

  • NRIs can purchase Properties in India other than:
    1. Agricultural Land
    2. Plantation Properties
    3. Farm Houses
  • Such properties can be transferred to another NRI / PIO or any Resident without any restrictions
  • NRIs can acquire Properties by way of :
    1. A Gift from a Resident / NRI / PIO
    2. Purchase through Inward Remittance or debit of NRE / FCNR / NRO account
    3. Through Inheritance
  • Repatriation is permitted in respect of a maximum of 2 Residential Properties subject to payment of Tax
  • Repatriation is restricted to the amount paid in equivalent of Foreign Currency at the time of acquisition
  • Realization beyond investment in Foreign Currency can, however, be repatriable through NRO account subject to a cap of $ One Million per financial year
  • Properties purchased out of Rupee funds:
    1. Repatriation is permitted from NRO a/c subject to a max. of $ One million per financial year

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