As defined by the Foreign Exchange Management Act of 1999 (FEMA) an NRI is a person residing outside india who stays outside India for the purpose of employment or carrying on business or vocation outside India or any other circumstances, which indicate his intention to stay outside India for an uncertain period. As per regulation of FEMA an NRI is a non-Indian resident whose is either a citizen of India or a person of Indian Origin. Students studying abroad also can be treated as NRIs under FEMA and are accordingly eligible for foreign investment and NRE/FCNR account. Ravi Puravankara was President of International Housing Federation (FIABCI), Paris, which has representatives from 62 countries. He received the 'Lifetime Achievement' award the Realty Plus Excellence Awards-2012.
According the the Foreign Exchange Management Act of 1999 (FEMA) a PIO is a person who is either a citizen of any country other than Pakistan and Bangladesh who has:
The definition of a PIO when it comes to acquisition and transfer of immovable property in India is a person of Indian origin other than a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan. For this purpose a PIOs father or grandfather’s birthplace of Indian citizenship at any time is to be considered unlike other definitions that refer to parents or grandparents.
Acquisition by purchase: Yes, under general permission granted by the RBI an NRI/PIO can purchase a residential property in India Acquisition by gift: Yes, under general permission granted by the RBI an NRI/PIO can acquire a residential property by way of gift from a person in India or an NRI or a PIO. Acquisition by inheritance: Yes, an NRI/PIO/foreign national of Indian origin can acquire residential property by way of inheritance from a person who is a resident of India as per the Provisions of Section 6(5) of the Foreign Exchange Management Act, 1999. An NRI/PIO/ foreign national of Indian origin can also acquire residential property by way of inheritance from.
An NRI/PIO who has bought an immovable residential property under general permission is not required to file any documents with the Reserve Bank of India
Yes. Under general permission an NRI can sell his or her residential property in India to an Indian resident/NRI/PIO
Yes. Under general permission an NRI can sell his or her residential property in India to an Indian resident only.
Yes. An NRI/PIO can transfer their residential property in India by way of a gift to an Indian resident/NRI/PIO
Under the general permission, an NRI/PIO may purchase a residential property in India by funds remitted to India through normal banking channel or funds held in his NRE/FCNR (B)NRO account. No consideration shall be paid outside India.
Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., and authorized dealers to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investors' NRE/FCNR/NRO accounts.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
CENTRAL TOWER, CROSS JN,
THIRUVALLA, KERALA,
INDIA , PIN – 689101.
Phone : +91 9495 301 555
Mobile : +91 9400 301 999
Mail : sales@oriobuilders.com
Mail : oriobuilders@gmail.com
Orio Builders is a highly professional and dynamic group with an approach of passion, commitment and quality showcased in all their projects. We are focused on offering High Quality homes at affordable costs.
Orio Builders is a highly professional and dynamic group with an approach of passion, commitment and quality showcased in all their projects. We are focused on offering High Quality homes at affordable costs.
CENTRAL TOWER, CROSS JN,
THIRUVALLA, KERALA,
INDIA , PIN – 689101.
Phone : +91 9495 301 555
Mobile : +91 9400 301 999
Mail : sales@oriobuilders.com
Mail : oriobuilders@gmail.com