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.
Can a foreign national of Indian origin sell property in India?
Foreign nationals of non-Indian origin resident outside India are not permitted to acquire any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.
|Sl. No.||Notification / Circular||Date|
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Can OCI holder sell property India?
So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.
Can NRI sell property in India without RBI permission?
An NRI or a Person of Indian Origin (PIO) is legally entitled to buy residential and commercial properties in India without prior permission from RBI and there is no restriction on the number of immovable properties they can buy. … However, they can inherit such property from a person resident of India and can hold it.
In which countries Indian can buy property?
Singapore, Malaysia, New York, Dubai and predominantly London, are the preferred destinations for Indian property buyers. The real estate market in many countries offer very lucrative investment prospects with various offers and options.
How many properties NRI can buy in India?
The investor need not obtain RBI’s special permission for the same. The investor is also not required to inform the RBI about buying residential/commercial property in India. An NRI can buy any number of these two types of properties as per RBI regulations and income tax laws.
Can OCI get Aadhar card?
Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.
What are the disadvantages of OCI card?
The only disadvantage of OCI is that it takes longer time to process as it has to be printed in Delhi, while you can get visa in just 3 or 4 days. OCI card fees is higher than entry visa. 2. The time period of about 4 months to get the OCI is way longer than the visa which I believe is in days/weeks.
Can OCI holders get PAN card?
Process to apply PAN card for NRIs. All those people who are holding Indian Citizenship and settled abroad should fill form 49A to apply for PAN Card application. NRIs who hold Foreign citizenship such as OCI holders or people who have originated from India but have Foreign citizenship should fill form 49AA.
Can OCI buy property in India without Aadhar card?
Can NRIs buy property in India without Aadhar card? As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for Buying/selling his/her property in India.
How do I get RBI permission?
Prior Approval under the Banking Regulation Act, 1949
Procedure for above 2 cases- Make an application to RBI along with Declaration in Form A, RBI shall ask for recommendations from the concerned bank and based on the recommendations received, approve the application.
Do I need RBI permission to sell property in India?
In general, PIO can sell the property to NRI and resident Indian. If the buyer is also PIO, then the prior approval from RBI is required. … The only exception is that agricultural land cannot be gifted to NRIs or PIO. Agricultural land or plantation property or farm house can only be inherited.