When it comes to investing in the real estate sector, there are certain tax and regulatory considerations which need a look in. This becomes all the more important when non-residents want to make investments in the Indian real estate sector as the investments are made from a long-term perspective. Read on to know more about it.
A non-resident Indian (NRI) can invest in any immovable property in the country. However, the investments cannot be made in agricultural land, farmhouse or plantation property.
Investments can be made in the Indian real estate sector by non-resident Indians (NRIs)s and by an overseas citizen of India (OCI) who is registered as an OCI cardholder.
There are different forms of investing in real estate. They include:
When it comes to payment modes, investment in real estate by way of purchase should be made through regular banking channels. The purchase can also be made through:
It is permitted in joint name in only one immovable property. The marriage should be registered and subsisted for a continuous period of not less than 2 years immediately preceding the acquisition of such property.
Yes, it can be repatriated freely from the country.
Yes, you can transfer immovable property to a resident Indian or an NRI/OCI.
Yes, specific approval is required if remittance is in excess of $1 million per financial year.
No, there isn’t any limit on the number of immovable properties that an NRI may hold.
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