Yes, you can buy property in India. If you are -
It is mandatory for an NRI/PIO/OCI to make payments only from the below options for buying a property in India: -
NRE & NRO are the most commonly used accounts, differences between NRE & NRO Account: -
|NRE Account||NRO Account|
|The interest on deposits and any other income accruing on the balance in the accounts are free of Indian Income-tax||The interest on deposits and any other income accruing on the balance in the accounts is not free of Indian Income-tax|
|Remittances from the account to the country of residence of the account holder or any other country are freely allowed.||Remittances from the account to the country of residence of the account holder or any other country is repatriable up to a limit of US $ 1 million in a financial year.|
|Money Deposited in this account can be foreign currency only which is converted into Indian currency by the bank||Only Indian currency can be deposited in this account|
|The balances in the accounts are free of Wealth-tax.||The balance is not free from wealth tax|
Yes, an NRI/ PIO/OCI can freely acquire immovable property in India by way of gift either from NRI/ PIO/OCI Again NRI/ PIO/OCI may gift residential/commercial property to Resident Indian NRI/ PIO OCI - with approval of RB
Yes, Reserve Bank of India has granted general permission for the sale of such property to the following categories:- Resident Indian NRI PIO - with approval of RBI OCI - with approval of RBI
Yes, the sale proceeds can be remitted/repatriated out of India, In the event property acquired out of foreign exchange source i.e. remittance through normal banking channels NRE/ NRO FCNR/Wire Transfer accounts. The amounts to be repatriated should not exceed the amount paid for such property from such source. However, repatriation of sale proceeds purchased out of foreign exchange is restricted to not more than two residential properties, in a block of one year, with a facility of crediting the Capital gain to the NRO account. Again in the event, the properties was acquired out of NRO account, an amount not exceeding USD one million, per financial year, subject to tax compliance, out of balance held in NRO account, may be remitted/repatriated.
Repatriation of income derived out of letting of immovable property is permissible. An NRI/PIO/OCI can rent out the property without the approval of Reserve Bank of India. Rent received can be credited to NRO/NRE account or remitted abroad. Powers have been delegated to the Authorized Dealers to allow repatriation of current income like rent, interest, dividend etc. An NRI/PIO/OCI who doesn’t maintain an NRE/NRO account can take an appropriate certification by Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid/ provided for. All the above terms are conditions involved in the purchase of property by an NRI/PIO/OCI keeps on changing from time to time, so it is very important to keep yourself updated with the latest changes. For the latest updates and more comprehensive details of the related to the NRI’s process you can go through the following link on internet
Indian Passport of Person Of India Origin (PIO) Card or Overseas Citizen Of India (OCI) Card
Copy of the PAN Card
OCI/PIO card (Overseas Citizenship of India/ Persons of Indian Origin)
Sale Deed on Stamp Papers of the required amount.
Two passport size photographs of the parties involved in the transaction.
All the original documents of the property issued by the builder.
ID & ADDRESS Proof of each allottee(s)
In case of Allottee(s) being represented through Attorney: Duly Stamped & Registered
Special Power of Attorney.
NOC (No Objection Certificate) from the Maintenance Agency.