NRI (Indian passport holder) purchasing plantation in Kerala
Can an NRI (an Indian passport holder) buy plantation in Kerala? If NOT, what options does the NRI have,especially given he wants to settle in India few year from now
1) Can the NRI jointly buy with an Indian citizen? If so, what are the factors the buyer should be aware of?
2) Can the NRI's dad buys this land, if the NRI gifts the required money to dad? Would it suffice if the dad writes his will in the NRI's name? Assume the NRI can then inherit the plantation from his dad
Please let me know options
Asked 1 year ago in Property Law from United States
1. NRI is nothing but an Indian citizen and he enjoys all the rights like a normal citizen. NRI is loosely described to show residence status of an Indian citizen.
2. NRI suffers no hindrance to buy a property in india. Only national of foreign citizen but of Indian origin suffers some obstacles.
3. For purchasing a agricultural property even the Indian citizen faces many hindrance in india more so if he is not an agriculturalist.
4. if the NRI is not an OCI card holder then he can at will purchase the land in India.
1) An NRI is still an Indian citizen although he is not residing in India owing to his occupation, business or job requirements. Therefore practically he doesn't still lose his status as a citizen of India and can certainly buy our sell property just like a resident Indian would do.
2) Of you have acquired citizenship of another country, it can cause some obstacles in the purchase you want to make.
3) If you want to fund the purchase and your dad purchases the land and makes a will it will come to you after his death. If there are other heirs this can cause trouble later regardless of the fact you funded the purchase.
1) Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.
2) A person resident outside India (that is, an NRI, a PIO or a foreign national of non-Indian origin) cannot acquire agricultural land/plantation/farm house in India by way of purchase.
3) An NRI or a PIO may acquire residential/commercial property by way of gift from a resident of India, an NRI or a PIO.
4) . A person resident outside India can hold immovable property in India acquired by way of inheritance from a person resident in India.
1. An NRI can buy property other than agricultural land in India, without the prior permission of RBI.
2. General permission has been granted to NRIs/PIOs for purchase and sale of immovable property in India other than agricultural land/farm house/plantation property. They are also not required to file any declaration at the time of purchase of such immovable property. There are no restrictions on the number of residential properties that may be bought by an NRI/PIO. However, repatriation is allowed only in respect of two such properties.
3. While there is a General Permission to NRIs/PIOs to purchase immovable property, there are certain prohibitions too. Investment in agricultural property, plantation and farmhouse is prohibited for all classes of persons resident outside India, be it NRIs/OCBs/foreign citizens or other foreign entities.
4. The immovable properties can be purchased from the funds received in India by way of inward remittance, or held in any non-resident account.
1. You, being a NRI, can buy immoveable property(excepting agricultural land) in India without any hindrance from any quarter,
2. For buying agricultural property, you shall have to take the approval of RBI.
3. Your father can buy the plantation using your money gifted to him and will the propery in your name and in that case you shall be its absolute owner.