Yes, Foreign Embassies / Diplomats / Consulate Generals can purchase and sell any immovable property other than agricultural land / plantation property / farm house in India with prior clearance from the Government of India, Ministry of External Affairs.
Can foreign nationals sell property in India?
Foreign nationals of non-Indian origin resident outside India are not permitted to acquire any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.
|Sl. No.||Notification / Circular||Date|
|7||FEMA 200/2009-RB||October 5, 2009|
Can a foreign national of Indian origin buy property in India?
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 sell inherited property in India?
OCI selling property in India tax
An OCI can sell inherited property in India as they are given the similar benefits as an NRI. The taxation on the sale of property by OCIs is the same as it is for an NRI.
Can a person of Indian origin own property in India?
A PIO can acquire by way of purchase any immovable property (other than agricultural land/ plantation property / farm house) in India. (a) A PIO may acquire any immovable property (other than agricultural land/ plantation property / farm house) in India by way of gift from a person resident in India or a NRI or a PIO.
In which countries Indian can buy property?
Singapore, Malaysia, New York, Dubai and predominantly London, are the preferred destinations for Indian property buyers. The real estate market in many countries offer very lucrative investment prospects with various offers and options.
Can an Indian buy property in USA?
Wondering if a non-US citizen can buy property in the USA? Good news! Anyone can buy property in the US, regardless of their citizenship.
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.
Can OCI have bank account in India?
You can, but this is tricky. Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). … There are 3 types of bank account you can open as an NRI, PIO or OCI: a Non-Resident External Account (NRE)
Can you live in India with OCI?
This is a new requirement under the March 2021 notification. Does an OCI Cardholder need a visa to visit India? OCI cardholders do not need a visa to visit, live or work 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.
Is OCI same as 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): In common parlance, any Indian living overseas is known as an NRI.
How long can OCI holders stay in India?
cardholders ? (i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.