Table of Contents
Can a US citizen hold property in India?
The law gives general permission to citizens of US to buy immovable property in India. It does not apply to buying or selling of agricultural land, plantation property or a farmhouse in India. Such properties could be bought or sold with a precise approval of the Reserve Bank of India (RBI).
Can OCI holders own land in India?
A: OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property. However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.
Does OCI own land?
A. As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. However, they are not permitted to invest in farmland, plantation land, and agriculture land. But, they can inherit the agricultural land/plantation property/ farmland.
How can I inherit property in India?
Property succession in India is of two types:
- Testamentary Succession: You may choose to execute a Will. The Will, by definition, will specify who will inherit what shares of your estate.
- Intestate Succession: You may also choose not to execute a Will. However, someone must still inherit your property.
Can an American own land in India?
It is illegal for foreign nationals to own property in India unless they satisfy the residency requirement of 183 days in a financial year (a tourist visa lasts for 180 days). However, a foreign national resident in India does not require approval of RBI to purchase any immovable property in India.
Can non-Indian citizens own property in India?
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.
Can NRI sell property in India without going to India?
If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.