- 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 Maharashtra, 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 , she can purchase in her name , as she is having an agriculturist background.
- Yes , after loosing NRI status you can purchase an agriculture land , if you fulfilled the following:-
- As per rule in Karnataka for purchasing agricultural land:-
- You need to have agriculturist roots ( i.e: Family /extended family has to have documented evidence of farming)
- For a non-agriculturist , your annual income should be less than 25 Lakh P.A .Previously this was only 5 Lakh P.A which was hiked recently to 25 Lakh Per Annum. Hence
- You should approach to concerned district Deputy Commissioner ‘s office , for getting agriculture family certificate and to apply for permission to buy land.
- But the permission is granted with a condition that you will cultivate the land for 5 years from the date of purchasing the land.