According to FEMA21/2000 RBI rules dated May 3, 2000, an NRI or PIO cannot acquire agricultural land /farmhouse/plantation property in India. .
2) You need RBI permission which would not be easily granted
Hi There I have been living in new Zealand for 10 years, i still have indian passport and i have a new Zealand resident visa. I want to buy agriculture land for agriculture purpose in punjab. Can someone please let me know if i can buy agriculture land and also if i can avail agriculture loan in punjab.
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According to FEMA21/2000 RBI rules dated May 3, 2000, an NRI or PIO cannot acquire agricultural land /farmhouse/plantation property in India. .
2) You need RBI permission which would not be easily granted
No, NRI cannot hold agriculture land except by inheritance. When you came back and resume resident status , than can purchase it. Till purchase in the name of parents, cultivate it, later parents can gift you once regain resident status.
1. ANY Indian citizen is entitled to Buy & Cultivate agriculture land and take loan /subsidy for the purposes, PROVIDED he documentarily proves that he or his family were Agriculturists.
2. Visit the following link:
https://www.lawyersclubindia.com/forum/Re-Can-Pvt-Ltd-Company-in-Maharashtra-buy-Agricultural-land-15364.asp
Dear Sir,
NRI cannot legally buy agricultural land/ palntation land in india according to FEMA guidelines you can only inherit the agricultural land from your ancestors.
if you buy the agricultural land the FEMA authority can issue a notice against you and you would have to appear in front of the court your land could get confiscated and you might also have to pay some fine.
Though RBI has given general permission to the NRIs to purchase immovable properties in India, the permission does not grant power to acquire any and every property in India. The NRIs are allowed to purchase only residential or commercial property. So NRIs cannot purchase any agricultural land or plantation property.
Can my parents buy agriculture land and can they gift me the land later on. If yes how long do they have own the land. Also how can i resume my residential status, do i have to move back to India immidiately or can i do that over a period of time and get residential by filing and paying icome tax in india.
1. You can buy and retain agricultural land even IF you do not stay in India and there is no limitation to it nor any requirement of income tax filing or whatever relating to agriculture land.
2. Parents should be existing Agriculturists to buy agri land and they can gift deed to you at any time and there is no limitation or restrictions of any kind in this.
If you are having a nri status then as per rbi regulations you can't buy agricultural land in India.
Yes,
No time limit and can gift you next day but gift will valid only if you resume resident status.
Law states that a person is a 'resident' if he has been in India for more than 60 days in the year
- As per FEMA21/2000 RBI rules , an NRI or PIO cannot acquire agricultural land /farm house/plantation property in India.
- If you will purchase an agriculture land in Chandigarh, then it will be a violation of FEMA laws , that can result in a penalty or even confutation of that property.
- Further, to purchase an agricultural property in India, an NRI has to take a prior approval from Reserve Bank of India, But you can acquire this property only by way of inheritance.
- Being an NRI , you are only allowed to purchase residential or commercial property in India.
- Yes, you can use money to purchase property in the name of your parent.
Yes you can buy land as per rules in there name and further they can will you same so that on there demise it can be transferred to you.
After you resume your residential state after period of 182 days stay in financial year.
Your parents can purchase agricultural land
2) they cannot gift you agricultural land as you are NRI
3) however there is no bar to you inheriting agricultural land on parents demise
What is your residential status in India?
If you are a NRI then you may not be eligible for buying agricultural land in India in any state.
Therefore ascertain and confirm your status and then proceed for buying the agricultural land if you are found to be eligible.
A resident can attain NRI status by staying overseas for more than 182 days. The law also states that a person is a 'resident' if he has been in India for more than 60 days in the year in question and 365 days during the four years prior to that year.
Due to severe tax implications, many Indians carefully divide their time between India and abroad. While an NRI is spared tax on income from outside India, a resident is required to pay tax on global earnings.
In the tax return form for financial year 2018-19, NRIs have to give details of stay in India for the past four years to enable the assessing officer to determine their true residential status.
NRI cannot acquire agricultural land or plantation in India . Purchase of any property in violation of FEMA laws can result in fine or even Confisation of such property.
yes ur parents can purchase.
NRI cannot acquire agricultural property but they are allowed to inherit it.
1. No you cannot buy agricultural land in India as you are NRI living out of India from last 10 years.
2. Only way you can get agricultural land is to inherit from your parents by way of will or as a heir.