Whether immovable property in Indiacan be acquired by way of gifit ?
A9. (a) Yes, NRls and PIOs can freely acquire immovable property by way of gifit either from i) a person resident in India or ii) an NRI or iii) a PIO. However, the property can only be commercial or residential. Agricultural land/plantation property/ farm house in India cannot be acquired by way of gifit . (b) A foreign national of Non-Indian origin resident outside India cannot acquire any immovable property in India through gifit .
Related Questions
- Can a person resident outside India hold any immovable property in India acquired by way of inheritance from a person resident in India?
- If the immovable property was acquired by way of gifit by the NRI/ PIO, can he repatriate abroad the funds from sale?
- Whether immovable property in Indiacan be acquired by way of gifit ?
