NRI intending to SELL any immovable property
Foreign Exchange Management (Non-debt Instruments) Rules, 2019 CHAPTER IX
| Eligible Buyer | Type of Property which can be sold | Repatriation of proceeds |
|---|---|---|
| Resident Indian under FEMA | Any type of immovable property | Sale proceeds to be credited to: NRE/FCNR Bank A/c if property is purchased acquired through NRE/FCNR Bank A/c or direct remittances (subject to payment of taxes)
OR NRO bank A/c repatriable under the US$1 million scheme if acquired through NRO bank A/c. |
| NRI | Any type of property (other than Agricultural land, plantation land or farm house) |
NRI intending to PURCHASE any immovable property
Foreign Exchange Management (Non-debt Instruments) Rules, 2019 CHAPTER IX
| Eligible Seller | Type of Property which can be purchased | Mode of payment |
|---|---|---|
| Resident Indian under FEMA | Any type of immovable property (other than Agricultural land, plantation land or farm house) | NRE Bank A/c (Repatriation basis) or NRO Bank A/c (NonRepatriable basis) or direct remittances received from abroad |
| NRI | Any type of immovable property (other than Agricultural land, plantation land or farm house) | |
| Any foreigncitizen (Not of Indian origin) | Any type of immovable property (other than Agricultural land, plantation land or farm house) if it was lawfully acquired by the seller and RBI approval for such transfer is obtained. |
Joint acquisition of NRI/OCI with spouse who is a foreign citizen not of Indian origin
- A foreign citizen not of Indian origin, who is a spouse of an NRI/OCI can acquire one immovable property in India (other than agricultural land or farm house or plantation property) jointly with the spouse in India.
- The marriage should have subsisted for at least two years immediately preceding the acquisition of such property.
- The funds for the acquisition can be through NRO/NRE bank account of the NRI/OCI or from direct remittances received from abroad.
NRI intending to INHERIT any immovable property
Foreign Exchange Management (Non-debt Instruments) Rules, 2019 CHAPTER IX
| Eligible Giver | Type of Property which can be inherited |
|---|---|
| Resident Indian under FEMA | Any type of immovable property |
| NRI | Any type of immovable property |
| Any foreign citizen (Not of Indian origin) | Any property if it was lawfully acquired by the person |
