Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta
Have any Questions? Tweet to @sach_gupta
Foreign exchange management act (FEMA) of 1999 allows Non Resident Indians (NRIs), Person of Indian Origins (PIO) to buy, sell, rent immovable property other than agricultural land or plantation property or farm house in India. One can invest in a piece of land and construct it or buy an under construction property directly from the real estate developer. Overseas Indians can invest in commercial or residential property of their choice. The acquisition of immovable property by person resident outside India is governed by terms of Section 6(3) of the Foreign Exchange Management Act (FEMA), 1999, as well as by the regulations contained in Notification issued by RBI vides Notification No FEMA. 21/2000-RB dated May 3, 2000, as amended from time to time.
Persons resident outside India are categorized as Non- Resident Indians (NRIs) or a foreign national of Indian Origin (PIO) or a foreign national of non-Indian origin. A person resident in India who is not a citizen of India is also covered by the relevant Notifications.
To carry out this entire process of buying, selling, renting out the immovable property, NRIs/PIOs are allowed to repatriate an amount up to USD 1 million per financial year (April-March) out of the balances held in NRI account subject to tax compliance. This amount includes sale proceeds of assets acquired by way of inheritance or settlement. Thus, NRIs can purchase property and transfer money earned in India to their country of residence through authorized banking channels.
How can NRIs/PIOs/OCBs open and maintain the bank accounts in India? Find below the detailed document:
Follow @sach_gupta
Persons resident outside India are categorized as Non- Resident Indians (NRIs) or a foreign national of Indian Origin (PIO) or a foreign national of non-Indian origin. A person resident in India who is not a citizen of India is also covered by the relevant Notifications.
To carry out this entire process of buying, selling, renting out the immovable property, NRIs/PIOs are allowed to repatriate an amount up to USD 1 million per financial year (April-March) out of the balances held in NRI account subject to tax compliance. This amount includes sale proceeds of assets acquired by way of inheritance or settlement. Thus, NRIs can purchase property and transfer money earned in India to their country of residence through authorized banking channels.
How can NRIs/PIOs/OCBs open and maintain the bank accounts in India? Find below the detailed document:
Have any Questions? Tweet to @sach_gupta
This is a very good and valuable post. If you want to have your own flats in Noida at a very low prices then you should absolutely purchase at Jm Florance Noida Extension.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThank you for sharing such great information.
ReplyDeleteIt is informative, can you help me in finding out more detail on
nri loans.
It truly is definitely excellent post. I am really very pleased to check out your website. I am found that any of us actually want. Thank you so much. Thank you for sharing such great information.
ReplyDeletehttps://www.bharattaxi.com
Thank You!
ReplyDeleteOffice for lease in Bangalore
Hey Nice Blog!!! Thank you for sharing information. Wonderful blog & good post.Its really helpful for me, waiting for a more new post. Keep Blogging!
ReplyDeletePlots available in Gorakhpur
Plots for Buy in Gorakhpur
Residential Property in Gorakhpur
Residential Plots for Sale in Gorakhpur
Thanks...
ReplyDeleteCommercial office space in Bangalore
Thanks..
ReplyDeleteoffice space for lease bangalore
shop for rent in bangalore
workspace in bangalore
office for rent in Bangalore
Great information, Thank you for sharing and keep posting.
ReplyDeleteAlso check - SiddhivinayakHome is one of the growing Real Estate Developers in Mumbai and also best residential projects, Building developers in Navi Mumbai.
residential projects in navi mumbai
property in navi mumbai
1 bhk in navi mumbai
flats in navi mumbai
flats in kharghar
buy flat in navi mumbai
buy a flat in navi mumbai
builders in navi mumbai
Thank you for sharing such great information.
ReplyDeleteIt is informative, can you help me in finding out more detail on Flats for sale in Paarijat Eclat
Invest with 200$ and get a returns of 5,000$ within seven business working days.
ReplyDeleteWhy wasting your precious time online looking for a loan? When there is an opportunity for you to invest with 200$ and get a returns of 5,000$ within seven business working days. Contact us now for more information if interested on how you can earn big with just little amount. This is all about investing into Crude Oil and Gas Business.
Email: investmoneyoilgas@gmail.com
Firstly I would like to thank you before commenting on your marvelous and very useful blog.
ReplyDeleteGet all the information about the real estate in just a one click @
flats in chennai
Flats For Sale in Avadi
Flats for sale near avadi
apartments for sale in avadi
apartments for sale near avadi
apartments in chennai
flats for sales near me
flats for sales in chennai
Invest with 200$ and get a returns of 5,000$ within seven business working days.
ReplyDeleteWhy wasting your precious time online looking for a loan? When there is an opportunity for you to invest with 200$ and get a returns of 5,000$ within seven business working days. Contact us now for more information if interested on how you can earn big with just little amount. This is all about investing into Crude Oil and Gas Business.
Email: investmoneyoilgas@gmail.com
Very nice advice. It was very helpful in my situation where i was looking for information on property selling consultants
ReplyDeleteTDS on property sold by NRI
NRI property selling consultants
Tax schemes for NRI
NRI real estate taxes
NRI Property TDS
Dwello is the new place to buy Homes. Buy your new home with confidence with Dwello. Dwello - The Right Address is Waiting
ReplyDeleteProperty In Dahisar
Property In Belapur