Can NRI or PIO rent out the residential or commercial property purchased out of foreign exchange/rupee funds, if not required for immediate use?
A. Yes. Rent received, being current income may be credited to NRO/NRE account or remitted abroad. Q44. Can NRI who had acquired immovable property viz., residential or commercial property/agricultural land/plantation property/farmhouse in India while he was a person resident in India continue to hold or transfer such immovable property? In which account the sale proceeds may be credited? A. Yes, under the provisions of Section 6 (5) of the Foreign Exchange Management Act, 1999 NRI who had acquired immovable property in India while he was a person resident in India may continue to hold such property. Under the general permission available he may transfer by way of sale or gift agricultural land/plantation property/farm house in India to a person resident in India who is a citizen of India and may transfer by way of sale of gift residential or commercial property in India to a person resident in India or to a NRI or PIO. The sale proceeds may be credited to NRO account. Q45. Can PIO who
Related Questions
- Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds, if not required for immediate use?
- Can NRI or PIO rent out the residential or commercial property purchased out of foreign exchange/rupee funds, if not required for immediate use?
- Can NRI/PIO rent out the residential/commercial property purchased out of foreign exchange/rupee funds, if not required for immediate use?
