Can NRI be gifted agricultural land in India?

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Can NRI be gifted agricultural land in India?

An Indian resident can also gift a property to an NRI. Rules say that an NRI or a PIO can only purchase residential or commercial real estate, but not agricultural land or a farmhouse. However, there is no restriction if the agricultural land or farmhouse comes as inheritance or is gifted to the individual.

Can agricultural land be gifted?

Agricultural land is Ancestral property which cannot be gifted without the consent of all legal heirs and co- parceners. A farmer is entitled to have agricultural land in his/her name transferred as Land ceiling Act.. 1. Agricultural property CANNOT be Sold /Gifted to a non-agriculturist, under any pretext.

Can NRI get agricultural land gifts?

Can NRI get agricultural land gifts? An NRI or OCI can receive an agricultural/ plantation property or a farmhouse as a gift from a Resident Indian but an NRI can’t give such properties to other NRIs as gifts. An NRI can only give such properties to a Resident India as gifts.

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Can NRI gift property to parents?

The gift of immovable property is allowed even to the NRI who is not a relative, however, in case of Income Tax Act, if the gift is without a consideration and to a non-relative, the receipt of the gift is taxable in the hands of the recipient where the stamp duty value would be the basis for computing deemed income.

Can NRI with Indian passport buy agricultural land in India?

No. Since general permission is not available to NRI/PIO to acquire agricultural land/ plantation property / farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.

Is agricultural land taxable?

Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains.

Can I buy land in my parents name?

1. Yes parents on their name can buy the agriculture land. 2.

Who can buy agricultural land in India?

Who can buy agricultural land in India. In some states like Telangana, anyone can buy agricultural land, regardless of whether or not they are farmers. However, in other states, like Karnataka, only registered farmers or those from farming families can buy agricultural land.

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How much money can be legally given to a family member as a gift in India?

Please note that as per the present provisions of tax laws in case a person accepts any gift beyond Rs. two lakhs in cash, he may become liable to a penalty equal to the amount of gift accepted in cash. So avoid accepting gifts beyond two lakhs in cash.

Can you sell agricultural land?

The land which is being sold must have been used for agricultural purposes by the individual or his parents or by the HUF for a period of 2 years immediately before the date of transfer. Another land for the agricultural purpose should be purchased within a period of 2 years from the date of transfer of this land.

Can mother buy property with NRI son’s money?

1. You can gift the said amount to your parents and after receiving the same it becomes their money. 2. Thereafter they can buy agricultural land with that amount and the source of the money being gift from NRI son will not be a legal problem for buying the said property.

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Can NRIs buy agricultural land or plantation property in India?

Under Fema and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, NRIs are not permitted to purchase an agricultural land or plantation property or farmhouse in India.

Can an NRI buy a property in the name of another person?

An NRI can’t buy a property in the name of another person unless that person is a spouse, brother, sister or lineal ascendant or descendant. Buying a property in the name of someone else is considered illegal under the Benami Act.

Is the owner of agricultural land a citizen of India?

Also, the owner of the agricultural land should have been a citizen of India while buying or inheriting the property. It should also be in accordance with FEMA or other relevant laws at that time. What can NRIs do with inherited agricultural land in India?

Can an NRI give a farmhouse as a gift to a resident?

An NRI or OCI can receive an agricultural/ plantation property or a farmhouse as a gift from a Resident Indian but an NRI can’t give such properties to other NRIs as gifts. An NRI can only give such properties to a Resident India as gifts. In easy terms: