|
Barring agricultural and plantation
property, NRIs and PIOs are allowed to invest in property in
India, and enjoy the same platform as resident Indians with
respect to loans and insurance. They also enjoy parity with
resident Indians on the quantum of investment in real estate,
which is unlimited for all.
NRIs
can purchase property from their remittances from abroad, and
enjoy full repatriation benefits for up to two residential
properties.
As
per FEMA laws, PIOs are required to inform the RBI of their
purchase of property in Form IPI 7 within 90 days of the
transaction along with a bank certificate declaring the
consideration made for the purchase.
The
table below explains the policies and restrictions on NRIs and
PIOs defined by the Foreign Exchange Management Act, 2000 on
the acquisition and sale of property.
| Indian Citizen Resident Outside
India may: |
| |
NRI |
PIO |
Resident |
| Purchase Property From |
Yes |
Yes |
Yes |
| Sell Property To |
Yes |
Yes |
Yes |
| Receive Gift From |
Yes |
Yes |
Yes |
| Give Gift To |
Yes |
Yes |
Yes |
| Agricultural Property |
|
|
|
| Purchase Property From |
No |
No |
No |
| Sell Property To |
No |
No |
Yes |
| Receive Gift From |
No |
No |
No |
| Give Gift To |
No |
No |
Yes |
| Person of India Origin Resident
outside India may: |
| Purchase Property From |
Yes |
Yes |
Yes |
| Sell Property To |
No |
No |
Yes |
| Receive Gift From |
Yes |
Yes |
Yes |
| Give Gift To |
Yes |
Yes |
Yes |
| Agricultural Property |
|
|
|
Purchase Property From
|
No |
No |
No |
| Sell Property To |
No |
No |
Yes |
| Receive Gift From |
No |
No |
No |
| Give Gift To |
No |
No |
Yes | |