Investing in Immovable property

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 be either purchased by them or acquired through gift from a resident or a relative and 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 also transfer immovable property held in India to a resident or to another NRI or OCI provided the property is other than agricultural land/ plantation property/ farm house. A transfer by way of gift can only be made to a relative of such NRI/ OCI. The term relative is to be interpreted in accordance with the Companies Act 2013.