Deliverables

Acquisition by way of Gift: An NRI or an OCI can acquire any immovable property in India (except agricultural land/farmhouse/plantation property) by way of gift from a person resident in India or an NRI or an OCI but they have to be a relative as defined under the Companies Act. Transfer of Immovable Property An NRI or an OCI may transfer any immovable property in India by way of sale to any person resident in India, an NRI or an OCI. However, in the case of transfer of agricultural land or plantation property or farmhouse, it can be transferred only to a person resident in India. Provisions for Repatriation of Sale Proceeds As per FEMA, in the event of the sale of immovable property other than agricultural land/farmhouse/plantation property in India by NRI / PIO, the Bank will allow repatriation of sale proceeds outside India provided; i. The immovable property was acquired by the seller by the provisions of the law in force; ii. The amount for acquisition of the immovable property was paid in foreign exchange received through banking channels or out of funds held in a Foreign Currency Non-Resident Account or out of funds held in a Non-Resident External account; iii. In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties. Kindly Note: In the case where an NRI or an OCI has acquired the immovable property when he was a resident in India or he has inherited it from a person resident in India, the sale proceeds can only be credited to his NRO account. Repatriation from the NRO account is limited to up to $ 1 Million in a Financial year.