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1 STATEMENT OF OBJECTS AND REASONS The Maharashtra Ownership Flats (Regulation of the promotion of Construction, Sale, Management and Transfer) Rules 1964 were framed under the Maharashtra Ownership.

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If an NRI purchases immovable property in India from a resident, he must deduct TDS at 1% if the sale consideration exceeds Rs 50 lakh. If the NRI purchases a property from a non-resident, and if long-term capital gains are applicable, then TDS should be deducted at 20%.

Foreigners residing in India, who have obtained valid long-term visas or resident permits, are eligible to purchase property in the country. Similar to foreigners residing outside of India, they need to adhere to certain conditions, such as the intended use of the property for residential purposes only.

Answer: Payment for immovable property has to be received in India through banking channels and is subject to payment of all taxes and other duties/ levies in India. The payment can also be made out of funds held in NRE/ FCNR(B)/ NRO accounts of the NRIs/ OCIs.

Any NRI can purchase land in India. This can be for residential or commercial purposes. There is no restriction or limitation on purchase of property by NRI in India. Also, NRIs do not need any special permission from the Reserve Bank of India (RBI).

Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.

Inherited Property NRIs can inherit any immovable property in India, such as residential, commercial, or agricultural property, from a person resident or abroad. The transfer must comply with Foreign Exchange Management Act (FEMA) regulations.

The acquisition of real estate by foreign entities can be undertaken through Foreign Direct Investment (FDI) which must be read along with the Foreign Exchange Management Act, 1999.

The guidelines also state that one can buy any number of residential or commercial properties. However, they are not permitted to invest in farmland, plantation land, and agriculture land. But, they can inherit the agricultural land/plantation property/ farmland.

A foreign company which has established a Branch Office or other place of business in India, in ance with FERA / FEMA regulations, can acquire any immovable property in India, which is necessary for or incidental to carrying on such activity.

Answer: A resident individual can send remittances under the Liberalised Remittance Scheme (LRS) for purchasing immovable property outside India.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232