Can non Indian citizens own agricultural land in India?
Under the exchange control law, NRIs cannot own an agricultural land in India. However, they may acquire such agricultural land through inheritance from a person residing in India. Accordingly, you may inherit an agricultural land.
Can an OCI holder buy agricultural land in India?
A: OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property.
Can a US citizen inherit property in India?
1.2 There is no restriction whatsoever on US Citizens inheriting properties in India. Taxation Impact in case of inheritance of properties through Registered Will: 1.3 There is no inheritance tax or any tax payable when the property transfers from you to your children through Will or other inheritance.
What will happens if NRI buy agricultural land in India?
NRIs can buy both residential and commercial property in India but not agricultural land, farm houses, or plantation properties. However, if an NRI is willing to purchase agricultural land in India, it requires permission from the Reserve Bank of India for doing so.
Can OCI own 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.
Can OCI card holders sell their property in India?
According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.
Can agricultural land be gifted to NRI?
An Indian resident can also gift a property to an NRI. Rules say that an NRI or a PIO can only purchase residential or commercial real estate, but not agricultural land or a farmhouse. However, there is no restriction if the agricultural land or farmhouse comes as inheritance or is gifted to the individual.
Who can inherit property in India?
Indian law concerning Hindus is very clear that self-acquired intestate (when no will have been made) property of the deceased male/female Hindu is inherited by his/her sons and daughters in equal proportion along with the surviving spouse. The grandparents can transfer the property to whoever they wish in a will.
Can NRI sell inherited property in India?
An NRI can sell any property (Including an agricultural land or farm house) to a person resident in India. However, in case the NRI wishes to sell the inherited agricultural land or farm house the same can only be sold to an Indian resident.
Who can own agricultural land in India?
In some states, only one farmer can buy such land while in other states there are no restrictions. Across India, NRIs and foreign nationals cannot buy agricultural land/plantation property/farmhouse. However, they can inherit agricultural land. Provides information by state in alphabetical order.
Can NRI buy farmhouse in India?
Under the RBI’s general permission, an NRI cannot purchase any agricultural land or plantation property in India. Consequently, under the existing regulations, NRIs cannot purchase farmhouses in India.
What is considered agricultural land in India?
Agricultural land refers to the share of land area that is arable, under permanent crops, and under permanent pastures.