What happens if NRI buy agricultural land?
As per notification No. FEMA21/2000 RBI dated May 3, 2000, NRI or PIO cannot acquire agricultural land or plantatiom (property or farm house) in India . Purchase of any property in violation of FEMA laws can result in fine or even confixation of such property.
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 NRI buy land in Kerala?
2) A person resident outside India (that is, an NRI, a PIO or a foreign national of non-Indian origin) cannot acquire agricultural land/plantation/farm house in India by way of purchase. 3) An NRI or a PIO may acquire residential/commercial property by way of gift from a resident of India, an NRI or a PIO.
Can an NRI get agricultural land in India as a gift?
Can NRI get agricultural land gifts? An NRI or OCI can receive an agricultural/ plantation property or a farmhouse as a gift from a Resident Indian but an NRI can’t give such properties to other NRIs as gifts. An NRI can only give such properties to a Resident India as gifts.
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.
Can foreign citizens buy agricultural land in India?
No. Since general permission is not available to NRI/PIO to acquire agricultural land/ plantation property / farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.
Can green card holders buy agricultural land in India?
There is no restriction for NRIs and OCIs to get agricultural land, plantation property, or farmhouse as a gift from the person resident in India.
Do NRI pay TDS on property?
The TDS on sale of property by NRI is required to be deducted under Section 195 and is ideally required to be deducted on the Capital Gains. However, this computation of Capital Gains cannot be done by the Seller himself and should be done by the Income Tax Officer.
Do NRI pay property tax in India?
NRIs are allowed to claim exemptions under section 54 and Section 54EC on long term capital gains from the sale of house property in India. It is available when there is a long term capital gain on the sale of house property of the NRI.
Can parents gift agricultural land to NRI?
As per Foreign Exchange Management (FEMA) Act, 1999 NRI cannot purchase/acquire by way of gift agricultural land in India.
Can OCI card holders get 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.
Who can purchase 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.