Guidelines for Acquisition of Property in India by NRIs, PIOs and

Foreigners

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Non Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Foreign Nationals of non-Indian Origin (Foreigners) can acquire Immovable Property as per the laws and legislations

laid down by the Central Government.

Immovable Property Acquisition by NRIs and PIOs:

NRIs and PIOs can acquire Immovable Property (either Residential or Commercial) in India by way of purchase, gift,

inheritance, or share of joint property received upon partition of family/property, etc. as per the guidelines laid by the

Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000.

A property in India can be acquired by:

1. Acquisition by way of Purchase2. Acquisition by way of Gift3. Acquisition by way of Inheritance

Acquisition by way of Purchase:

The Reserve Bank of India (RBI) has permitted the following categories of NRIs/PIOs to acquire Immovable Property (other than agricultural land, plantation or farm-house property) by

way of purchase, provided the payment is made out of Foreign Exchange Inward Remittance or any Non Resident Bank Account in India, i.e., (Non Resident External (NR(E)),

Foreign Currency Non Resident Account (FCNR(B)) or Ordinary Non Resident Rupee Account a/c (NRO) in connection with

acquisition of Immovable Property in India:

Acquisition by way of Purchase:

A Non Resident who is a citizen of IndiaA Non Resident who is a Person of Indian Origin (PIO)A Non Resident who has a Overseas Citizenship of India (OCI)A Non Resident who has established in India a branch office or other place of business (excluding a liaison) office

Acquisition by way of Purchase:

Acquisition by way of Gift:

General permission is granted to acquire any Immovable Property (other than agricultural land, plantation or farmhouse property) by way of gift from a person (donor) who is:

A Person Resident in India, orA Person Resident outside India (NRI) who is an Indian citizen or foreign citizen of Indian origin.

Acquisition by way of Gift:

Provided that applicable Gift Tax if any has been paid at the time the immovable property is being gifted.

Acquisition by way of Gift:

Acquisition by way of Inheritance:

General permission is granted for inheritance of Immovable Property including agricultural land, plantation or farm-house property from:

A Person Resident in India, orA Person Resident outside India who may be an Indian citizen or Foreign Citizen of Indian Origin provided such person had acquired the said property in accordance with the provisions of Foreign Exchange Law in force at the time of acquisition, i.e., FERA, 1973 or FEMA 1999.

Acquisition by way of Inheritance:

Hence, agricultural land, plantation or farmhouse property can be acquired by way of inheritance only.

Acquisition by way of Inheritance:

Immovable Property Acquisition by Foreign Nationals of Non-Indian Origin

The residential status of a foreign national of non-Indian origin determines the ability to acquire immovable property in India. Thus, Foreign Nationals of non-Indian origin can be further divided into:

Foreign Nationals of Non-Indian Origin, Resident Outside IndiaForeign Nationals of Non-Indian Origin, Resident In India

Immovable Property Acquisition by Foreign Nationals of Non-

Indian Origin

Immovable Property Acquisition

by Foreign Nationals of Non-Indian Origin

Immovable Property Acquisition

by Foreign Nationals of Non-Indian Origin

Guidelines for Acquisition of Property in India by NRIs, PIOs and

Foreigners

Brought to you by Aukeva, A real estate investment firm focused on India and USA real estate market

For more information: 98712.23021, 81306.77471 (India)

925.415.9151 (USA) sales@aukeva.com www.aukeva.com