Can oci acquire agricultural land 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 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.

Can a foreign citizen inherit agricultural land in India?

A non-resident Indian (NRI) or person of Indian origin (PIO), can inherit any immovable property in India, whether it is residential or commercial. They can even inherit agricultural land or a farmhouse, which they are otherwise not entitled to acquire by way of purchase.

Can non resident Indians 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.

What happens when NRI buy agricultural land in India?

NRIs can sell agricultural land, plantation property, or farmhouse property provided the buyer is a citizen of India and resides in India. If the NRIs have purchased such lands with permission from RBI, they require approval from RBI to complete a sale transaction. The sales proceeds can be remitted to an NRO account.

Can OCI sell inherited property in India?

Firstly, YES! An OCI can sell inherited property in India as they are given the similar benefits as an NRI. The taxation on the sale of property by OCIs is the same as it is for an NRI.

Can OCI buy property in India without Aadhar card?

As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for Buying/selling his/her property in India.

Who Cannot buy agricultural land in India?

According to Foreign Exchange Management Act and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, both NRIs and OCIs aren’t allowed to buy any agricultural land or plantation property or farmhouses in India by law unless they get a special permission from the …

Who can not buy agricultural land in India?

Besides, the income of the buyer from a non-agriculture occupation should not exceed more than Rs 25 lakh per annum. The Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), Overseas Citizens of India (OCIs) and foreign citizens also face restrictions with respect to agriculture land purchase.

Can OCI buy agricultural land in Karnataka?

– Further , as per FEMA21/2000 RBI rules , an NRI or OCI/PIO cannot acquire agricultural land /farm house/plantation property in India. – If you will purchase an agriculture land in Karnataka, then it will be a violation of FEMA laws , that can result in a penalty or even confutation of that property.

How do I get RBI permission to buy agricultural land?

All requests for acquisition of agricultural land/plantation property/ farm house by any person resident outside India or foreign nationals may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

Who is issued OCI cards in India?

I hope that you are already aware that only foriegn passport holders ( except Pakistani, Bangladeshi and Afghani passport holders/ citizens) are issued OCI cards by the Government of India.

What are the laws for agricultural land?

State laws: Ownership and transfer of agricultural land is governed by state and local laws. In many states, only locally domiciled agriculturists are allowed to buy agricultural land (i.e those who have been farmers or from farming background).

What is RERA in India?

Recently, Government of India implemented RERA (Real Estate Regulatory Act). As per this act, a real estate developer has to register all ongoing and future projects under RERA. Therefore, you can find out the RERA compliant realty projects and that will make sure your investment is safe.

Can an OCI card holder buy land in India?

No, an OCI card holder can not buy agriculture property in India. As per the guidelines issued by Reserve Bank of India, an NRI or an OCI card holder can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties.

Can an OCI inherit land?

Yes, NRI or OCI can inherit agricultural land/ or plantation land in India . According to FEMA guidelines NRI can acquire agricultural land or plantation land only by inheritance if they acquire through any other way the FEMA authorities can issue a notice to the NRI they can also confiscate the land and fine the NRI with the penalty. , Lawyer.

Do foreigners have to pay taxes in India?

But a foreign national ( which all OCI card holders are) has to pay taxes for his income in India, irrespective of the source of the income ( job, business, property etc). You will have to submit documents proving to that you are a descendant of an Indian citizen plus that you have inherited the said property.

Do you have to submit documents proving that you are a descendant of an Indian citizen?

You will have to submit documents proving to that you are a descendant of an Indian citizen plus that you have inherited the said property.

What is OCI in India?

Overseas Citizens of India (OCI) is an immigration status permitting a foreign citizen of Indian origin (excluding Pakistan and Bangaladesh) to live and work in the Republic of India indefinitely. Although the term Citizenship is used, the OCI cardholder is not a citizen of India but needs no visa, reporting requirements on entry into India.

Why is agricultural land illegal?

Agricultural land has often been illegally dealt with leading to agriculturists losing their wealth and property because of lack of knowledge. Therefore, State governments of virtually every state in India have severely restrictive laws on transactions relating to agricultural land.

Can NRI Invest in Agricultural Land in India?

It is very common for NRIs to look for a farmhouse or wish to get close to nature by buying agricultural land in India. Wait a minute… Can NRI invest in Agricultural Land in India? It is not easy as regulations restrict few transactions. Here are the details on NRI investments in Agricultural Land in India.

Can NRI Invest in Agricultural Land in India?

Well, the FEMA act & various master circulars layout terms are as follows. Here are the opening lines of RBI’s FED Master Direction No. 12/2015-16 –

What is Benami transaction?

This is a Benami transaction, and the persons involved in it are punishable by law.

Is agricultural land a capital asset?

Rural agricultural land is not a capital asset hence capital gains tax is not applicable. However, if the agricultural land is defined as urban agricultural land, it is chargeable under capital gains tax.

Can NRIs buy land in India?

Can NRI Purchase Agricultural Land In India. Under the Foreign Exchange Management Act and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, NRIs and OCIs are not allowed by law to purchase land or plantation property, or farmhouses in India unless they acquire special permission from RBI.

Can NRIs get farmland?

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. (but consider Benami act)

Can an NRI buy land in the name of another person?

An NRI cannot buy agricultural land in the name of another person unless that person is a spouse, brother, sister, or lineal ascendant or descendant. It will be considered a Benami transaction which is illegal. (please consult a good lawyer as our knowledge is limited in this)

Is land transaction difficult?

Land transactions can be tricky. The rules are different in different states. It might be difficult to have updated information as an NRI or OCI who is not always present in India. You have to research and understand factors like the legitimacy of land, compliances to be followed, etc. at the time of a property purchase and understand …

Can you buy farmland if you are an OCI holder?

You can sell inherited farmland but as an OCI holder you cannot buy.


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