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. … However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.
Can OCI holder buy agricultural land in India?
However, as an exception, a non-resident Indian (a person resident outside India who is a citizen of India) or an Overseas Citizen of India (OCI) cardholder can acquire any immovable property in India (including agricultural land) by way of inheritance from a person resident in India.
Can NRI buy farm house in India?
Under the RBI’s general permission, an NRI cannot purchase any agricultural land or plantation property in India. Consequently, under the existing regulations, NRIs cannot purchase farmhouses in India.
Can OCI buy property in India without Aadhar card?
Can NRIs 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.
Can a foreign citizen buy property in India?
Q. 4 Can foreign nationals acquire property in India? Answer: … Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.
Can OCI get Aadhar card?
Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.
What are the disadvantages of OCI card?
The only disadvantage of OCI is that it takes longer time to process as it has to be printed in Delhi, while you can get visa in just 3 or 4 days. OCI card fees is higher than entry visa. 2. The time period of about 4 months to get the OCI is way longer than the visa which I believe is in days/weeks.
Do NRI pay taxes in India?
If your status is ‘NRI,’ your income which is earned or accrued in India is taxable in India. … These incomes are taxable for an NRI. Income which is earned outside India is not taxable in India. Interest earned on an NRE account and FCNR account is tax-free.
Can a NRI sell property in India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.
Is OCI holder an NRI?
Individuals living overseas can be classified into three major categories — Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and Overseas Citizen of India (OCI). Non-Resident Indians (NRIs): … Anyone who does not meet at least two of the conditions will be considered as an NRI for the previous financial year.
Can OCI inherit property in India?
NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India. Funding: … Housing loan can be availed to acquire the property from Authorised Dealer (AD) Bank or a housing finance institution in India.
What is the new OCI rule?
According to the new relaxed rule, those with OCI cards issued before the cardholder turned 20 years old only need to obtain a re-issued OCI card once when they obtain a new passport after reaching 20 years of age. Cards issued after holder turned 20.