Your question: Can OCI sell immovable property in India?

Mumbai: Non-resident Indians (NRIs) and overseas citizens of India (OCIs) don’t require prior approval for buying or selling immovable properties like houses in the country, Reserve Bank of India (RBI) clarified on Wednesday.

Can OCI cardholders sell property in India without RBI permission?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

Can foreign citizen selling property in India?

If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.

Can OCI holder inherit property in India?

Inheritance: NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India.

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Can a foreign national acquire immovable property in India?

Foreign nationals of non-Indian origin resident outside India are not permitted to acquire any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.

Can OCI inherit agricultural land in India?

However, an NRO who is a citizen of India or an overseas citizenship of India cardholder can inherit agricultural land or any immovable property in India from a person resident in India. Do note that in case you decide to sell such agricultural land, it can only be sold to a person resident in India.

Can OCI holders buy agricultural land?

While OCI cardholders are permitted to purchase immovable property in India, they are not allowed to buy agricultural land, farmhouse or plantation property.

How can OCI sell property in India?

Mumbai: Non-resident Indians (NRIs) and overseas citizens of India (OCIs) don’t require prior approval for buying or selling immovable properties like houses in the country, Reserve Bank of India (RBI) clarified on Wednesday.

Can OCI holder do business in India?

Any person can start their business in India. There is no restriction in doing business here by anyone, viz., Non Resident Indians (NRI), Foreign Citizens, Overseas Citizen of India card holder (OCI), Person of Indian origin (PIO).

What happens when NRI sells property in India?

Capital gains tax for property sold by NRI

Do note here that the NRI seller will have to pay 21% tax on the sale amount and not the profit money as LTCG. They have to undergo a lengthy process to claim refund. If the transaction is considered as a STCG, 30% of the money earned as profit will have to be paid in taxes.

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Can OCI get Aadhar card?

Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.

How long OCI can stay in India?

(i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.

Who can purchase immovable property in India?

1 Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or …

Can non resident Indians buy property in India?

Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.

Can NRI sell property in India RBI?

An NRI can sell their residential or commercial property in India that they have bought or inherited to a person resident in India, NRI or a PIO. … After the selling comes the repatriation of sale proceeds to the country of residence. And here you have to follow certain guidelines laid down by RBI under FEMA.