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CORPORATE OFFICE:
5, Augusta Point,
DLF Golf Course Road,
Sector 53, Gurgaon-122002.
India.
TEL : +91 124 4142948 & 958
Fax : +91 124 4142978
contact@ramrattangroup.com
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REGISTERED OFFICE:
Ram Rattan Farms,
128, Chattarpur Mandir Road,
Asola, New Delhi - 110074.
India.
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FAQ's
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Land Acquisition by NRIs and PIOs in India ?
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Fema (Foreign Exchange Management Act), asserts thrust on acquisition of residential land by NRIs and PIOs. An NRI is an Indian citizen residing outside India. A PIO is a person who is a citizen of a different country (other than India, at the present time) but held an Indian passport at any time in his/her life or if the person, his/her father, his/her grandfather has been a citizen of India. PIOs will not include citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan.
A Prior permission is not seeked by a foreign national residing in India, if he /she buys and sells properties, and is not a citizen of the eight countries mentioned above but will be subjected to restrictions on buying certain properties.
A person of non-Indian origin who is also a citizen of a country other than India will have to receive RBI's approval prior to engaging in activities leading to the acquisition of agriculture land/farm house/plantation property in India. A PIO who is a foreign citizen does not require RBI approval in acquiring agriculture land/farm house/plantation property in India but can only do so by way of inheritance. Any person can freely lease an immovable property for a period of five years or less. The RBI does not determine the residential status of a person for the purpose of acquisition of immovable property in India. Residential status is determined by operation of law under Fema regulations but the individual who is acquiring the property will have the burden to prove his residential status, if questioned by any other authority.
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Acquisition by way of purchase
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NRIs or PIOs are granted a general permission to purchase only residential/ commercial property in India. An NRI or a PIO can participate in purchasing any number of properties. If an NRI or a PIO purchases a property in India, he/she cannot add the name of a foreign national of non-Indian origin as a second holder of a residential/commercial property which has been purchased and is in question. RBI's approval is essential and required by a foreign national of Indian origin, residing outside India, for acquisition of any immovable property.
On the other hand, only residential property can be leased for no more than five years by a foreign national of non-Indian origin, including a citizen of the eight countries mentioned above and RBI's permission is not required for this action. Agricultural land/plantation/farm house cannot be acquired in India, by the way of purchase, by a person resident outside India (that is, an NRI, a PIO or a foreign national of non-Indian origin).
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Acquisition by way of gift
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Acquisition of residential/commercial property can be done by way of gift from a resident of India, an NRI or a PIO to an NRI or a PIO. Conversely, residential/commercial property in India cannot be acquired by way of gift by a foreign national of non-Indian origin resident outside India. Agricultural land/plantation/farm house in India cannot be acquired by way of gift by a person resident outside India.
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Acquisition by way of inheritance
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A person resident outside India can hold immovable property in India acquired by way of inheritance from a person resident in India. Also , the person may hold , with RBI's approval, an immovable property in India acquired through inheritance from a person resident outside India, provided the person transferring the property (or the current holder of the property) had acquired the property in accordance with Fema or the foreign exchange law in force at the time of acquisition.
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Sale of immovable property
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Any residential/commercial property in India can be sold by an NRI to a person resident in India, an NRI or a PIO. On the other hand residential/commercial property in India can only be sold to a resident of India by a PIO. A PIO would need prior approval of the RBI for sale of residential/commercial property in India to an NRI or a PIO. Prior approval of the RBI would be required by a foreign national of non-Indian origin whether resident in India or outside India for sale of residential property in India acquired with the specific permission of the RBI to a person resident in India or outside India. An Indian citizen resident in India cam purchase agricultural land/plantation/ farm house in India from an NRI or a PIO. Nevertheless, prior approval of the RBI will be required by a foreign national of non-Indian origin, resident outside India, to sell agricultural land/plantation/farm house acquired in India.
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Gift of immovable property in India
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Any residential/commercial property in India can be gifted by an NRI or a PIO to a person resident in India, an NRI or a PIO. Further, an Indian citizen resident in India may receive from an NRI or a PIO, a gift of agricultural land/plantation/farm house in India. Nonetheless, prior approval of the RBI would be required by a foreign national of non-Indian origin resident outside India if he/she would need to gift agricultural land/plantation/ farm house acquired by him/her in India.
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Acquisition of immovable property for carrying on a permitted activity in India
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A person resident outside India who has established a liaison office in India in accordance with Fera/Fema regulations cannot purchase immovable property in India but can acquire premises on lease for not more than five years for which no permission is required from the RBI. Conversely, if a person resident outside India has established a branch office or other place of business in India in accordance with Fera/Fema regulations, he/she will be able to purchase immovable property in India provided it is essential for the nature of the business that the person is engaged in and all applicable laws have been complied with. For details on other related issues, you may approach the chief general manager, RBI, Foreign Investment Division, Central Office, Mumbai.
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