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Who is classified as an NRI?
Non Resident Indian is a person resident outside India who is either a citizen of India or a person of Indian origin. A NRI is an Indian Citizen who has migrated to another country. For all official purpose the Government of India considers Indian National away from India for more than 182 days, during the course of the preceding financial year.
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Who is classified as a PIO?
A Person of Indian Origin means an individual (not being a citizen of the following countries; Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan) who:
– Held an Indian Passport at any time, or
– Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
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Does NRI/PIO require permission of The Reserve Bank to acquire residential/ commercial property in India?
No.
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How many residential / commercial properties can NRI / PIO purchase under the general permission?
There are no restrictions on the number of residential / commercial properties that can be purchased.
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Do any documents need to be filed with Reserve Bank of India after purchase?
An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents with the Reserve Bank.
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Whether immovable property in India can be acquired by way of gift?
Yes, NRIs and PIOs can freely acquire immovable property by way of gift
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Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds?
Yes, NRI/PIO can rent out the property without the approval of the Reserve Bank.
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Whether a non-resident can inherit immovable property in India?
Yes