What is the position under FEMA regarding acquisition of immovable property by NRI/PIO?
NRI are permitted to acquire immovable property in India other than agricultural/plantation property or farm houses. PIO resident outside India, are permitted: to acquire any immovable property other than agricultural land/farm house/plantation property in India by purchase, from out of (i) funds received in India by way of inward remittance from abroad, or (ii) funds held in any non-resident account of the investor, or • to acquire any immovable property in India other than agricultural land/farmhouse/plantation property by way of gift from a resident person or NRI or PIO; or • to acquire any immovable property in India by way of inheritance from a resident person or a non-resident person who had acquired such property in accordance with the law of foreign exchange in force at the time of acquisition. Any non-resident person, who has established in India a branch, office or other place of business (excluding a liaison office) for carrying on in India any activity, in accordance with F
