ACQUISITION AND TRANSFER OF PROPERTY IN INDIA BY A NON-RESIDENT INDIAN (NRI) OR AN OVERSEAS CITIZEN OF INDIA (OCI):-
An NRI or an OCI may
(a) acquire immovable property in India other than agricultural land/ farm house/ plantation property:
Provided that the consideration, if any, for transfer, shall be made out of
(i) funds received in India through banking channels by way of inward remittance from any place outside India or
(ii) funds held in any non-resident account maintained in accordance with the provisions of the Act, rules or regulations framed thereunder.
Provided further that no payment for any transfer of immovable property shall be made either by traveler’s cheque or by foreign currency notes or by any other mode other than those specifically permitted under this clause.
(b) acquire any immovable property in India other than agricultural land/ farm house/ plantation property by way of gift from a person resident in India or from an NRI or from an OCI, who in any case is a relative as defined in section 2(77) of the Companies Act, 2013;
(c) acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property
(a) in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations or
(b) from a person resident in India;
(d) transfer any immovable property in India to a person resident in India;
(e) transfer any immovable property other than agricultural land/ farm house/ plantation property to an NRI or an OCI.
In these Regulations, unless the context otherwise requires –
(a) ‘Act’ means the Foreign Exchange Management Act, 1999 (42 of 1999);
(b) An ‘Authorised Dealer’ means a person authorised as an authorised dealer under sub- section (1) of section 10 of the Act;
(c) ‘Non-Resident Indian (NRI)’ means a person resident outside India who is a citizen of India;
(d) ‘Overseas Citizen of India (OCI)’ means a person resident outside India who is registered as an Overseas Citizen of India Cardholder under Section 7(A) of the Citizenship Act, 1955;
(e) ‘Repatriation outside India’ means the buying or drawing of foreign exchange from an authorised dealer in India and remitting it outside India through banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can be converted in foreign currency;