Can an OCI inherit agricultural property?
As far as I am aware yes, agricultural property can be inherited by an OCI. There is a guidance note issued by the government on this – check the DIPP website or the Ministry of Land and Revenue website for details.
Can OCI Card holders buy agricultural land in India?
OCI card holders are not allowed to buy agriclutural land in India but they can inherit that land or they can buy that land by the name of their while they are staying in India. Some states also not willing to sell their lands who are not farmers. Yes, NRI or OCI can inherit agricultural land/ or plantation land in India .
Can NRIs and OCIS sell agricultural land?
NRIs and OCIs can sell agricultural land, plantation property, or a farmhouse only to a Resident Indian. For the lands purchased with permissions from RBI, special approvals are required to complete sale transactions.
Can a foreign citizen inherit agricultural land or residential property?
As a foreign citizen, can I inherit either a small portion of agricultural land or residential property from my mother? If you have been residing in the UK for long, your residential status may already be of a non-resident for the purpose of taxation in India. Once you are an NRI, you can no longer maintain a resident bank account in India.
Can agriculture land be gifted by an Indian wife to NRI (OCI) husband?
Hi Sir I am NRI and OCI card holder and My wife is an Indian National lives in Andhra Pradesh. My wife owns some agriculture land. can my wife do a gift registration of this agriculture land to me? regards Narayana
Yes, NRIs and PIOs can receive property as gifts from a person resident in India, from another NRI or from a PIO. However, the property can be only a commercial property or a residential property but, Agricultural land, plantation property and farm house in India cannot be acquired by way of gift.
What is OCI in India?
1) iiOverseas Citizen of India (OCI) is a person resident outside India who is registered as an Overseas Citizen of India Cardholder under Section 7 (A) of the Citizenship Act, 1955 ; 2) OCI cannot purchase agricultural land in India. 3) You need RBI permission which would not be easily granted.
What are the rules for buying land in India?
2. In Karnataka, you shall have to be , inter alia , an Agriculturist for buying an agricultural land where as you can buy the same in West Bengal even not being an Agriculturist.
Can an OCI card holder buy land in India?
10 Answers. 1. An OCI Card Holder residing in India is not permitted to buy agricultural land in India. 2. However, an OCI Card Holder can inherit the agricultural/plantation property/farmland in India.
Can an OCI change his status?
A NRI/OCI is NRI/OCI his status will not change only because he is residing in India. The rules applicable to NRI/OCI residing out are applicable to NRI/OCI in India. You are not eligible to purchase agricultural land.
Can NRIs buy farmland 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 .Reserve bank of India.