By Mr. Shabnum
Kajiji, Wadia Ghandy & Co. Advocates, Solicitors and Notaries
As per the Foreign
Exchange Management Act, 1999 & the regulations framed there under, the
following persons can acquire immovable property in India by way of inheritance
from a person who was resident in India:
* * Non-resident
Indian (NRI);
* * Persons of Indian
origin (PIO);
* * A foreign
national of non-Indian origin;
However, note that
there are certain restrictions on NRIs, PIOs and foreign nationals of non-Indian
origin acquiring immovable property (other than by way of inheritance).
Here are highlighting
certain restrictions applicable to PIOs..!
* * NRIs & PIOs
may purchase immovable property in India, except agricultural land / or
plantation property / or farm house.
** NRI's or / PIO's may sell agricultural land
or / plantation property or / farm house only to a person resident in India who
is a citizen of India.
* Similarly, NRIs or
PIOs may acquire any immovable property (other than agricultural land /
plantation property / farm house) in India by way of gift from a person
resident in India or / an NRI or a PIO.
* An NRI / PIO can
gift agricultural land / plantation property / farm house in India only to a
person resident in India who is a citizen of India.
Further, there are
certain restrictions on persons resident outside India & their successors (
which would include PIOs ) with respect to repatriation outside India of the
sale proceeds of any immovable property inherited.
Such repatriation can
not be done without the prior permission of RBI (Reserve Bank of India).
About the author..!
Mr. Shabnum Kajiji is
Partner, Wadia Ghandy & Co. Advocates, Solicitors & Notaries
Wadia Ghandy & Co. Advocates, Solicitors & Notaries.
N. M. Wadia Building,. 123
Ph: 022 - 40735 616, 022 – 40735 600
No comments:
Post a Comment