Hello Esteemed Lawyers, I have permanently moved to India. I still hold a US citizen and have no plans of giving up. Can you please let me know the process to request RBI for purchasing a managed farmland(in Tamil Nadu) in my name?
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OCI cannot purchase agricultural land in India without prior permission from RBI
2)
You need RBI permission which would not be easily granted
3) You can visit RBI website for details regarding authority to be approached for purchase of agricultural land
Thanks a lot Mr Ajay. 1. Can I purchase in my mother's name?(Indian Citizen) 2. If getting POA from my siblings on this particular land good enough for me inheriting this? 3. How long should I wait before transfering the land from my mom to my name?
- As per FEMA21/2000 RBI rules , an NRI or PIO /foreign citizen , cannot acquire agricultural land /farm house/plantation property in India.
- If you will purchase an agriculture land in Karnataka, 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, you have to take prior approval from Reserve Bank of India, However you can acquire this property only by way of inheritance.
1. Yes, you can use money to purchase property in the name of your mother.
2. Yes, you can take an NOC from them , after mentioning that this property belongs to you and they have no share in the said land.
3. You can take as gift any time
The law is clear that a NRI or a foreign citizen are not eligible to buy farmland or agricultural land in India. Even though you have returned to India with intention to settle down permanently here in India since you have not renounced your USA citizenship, you are still a foreign citizen residing in India on some visa.
Therefore you are not eligible to buy agricultural/farm lands in India.
1. The agricultural land can be purchased by an Indian resident provided the local/state laws permit.
2. The POA deed is not an instrument to inherit the property.
The power of attorney deed is executed in favor of the power agent by the principal only to perform the tasks on behalf of the principals hence it cannot be of any use for inheritance.
The question of inheritance will arise only after the lifetime/death of the property owner as per their personal laws.
At that time if the other legal heirs would relinquish their rights by executing a registered release deed in favor of one of the chosen legal heir, then the chosen legal heir can become the absolute owner of the entire property.
3. Read the above answer, you have to wait until the lifetime of your mother and then follow up the above mentioned procedures in order to acquire the property through personal law of inheritance.
Your mother can purchase agricultural land and bequeath it to you by will
during mother lifetime it cannot be transferred in your name as agricultural land cannot be gifted to OCI
1. It's better you purchase in your mother's name and she can bequeath it to you.
2. She can anytime make a will and do that.
Dear Client,
Yes, you can purchase in your mother's name. You inherit property when your parents, grandparents, or relatives pass away. This inheritance can either be through a will or intestate succession.
Thank You
