Investment in Immovable property
No permission required to purchase a residential/commercial property. There is no restriction on the number of residential/commercial properties that a NRI can purchase. No return/form is required to be submitted to Reserve Bank of India after purchase of property. Purchase of agricultural/plantation property/farm houses is not allowed. Residential/commercial property can also be acquired by way of inheritance or gift from a resident in India. The purchase consideration for acquiring properties should be by way of fresh remittances in foreign exchange or by debit to NRE/FCNR (B) account of the Non-Resident. The properties, so acquired, can be sold to a person resident in India only. Such properties can be sold to another Non-Resident Indian or a person of Indian origin after obtaining RBI permission. There is no restriction on the number of sale of commercial properties. In case of residential property, sale proceeds can be remitted outside India in respect of two properties only within the overall limit of USD 1 million or its equivalent after payment of applicable Indian taxes. There is no lock-in-period either for sale of immovable property or for remittance of proceeds thereof abroad. The sale amount, so repatriable, should not exceed the foreign exchange brought into India for purchase of properties or the amount debited to NRE/FCNR(B) account.