A Non-Resident Indian (NRI) is an individual of Indian origin or descent who resides outside of India for employment, business, education, or other purposes, and holds an Indian passport.

An Overseas Citizen of India (OCI) is a person of Indian origin or descent who is not a citizen of India but is granted certain rights and privileges to those of Indian citizens.

Yes. NRIs can buy and sell Residential Plots, Apartments, Industrial and Commercial Plots in India.

There is no restriction on the number of residential or commercial properties an NRI can buy in India. However, there are regulations that prohibit NRIs from acquiring agricultural land, plantation property, or farmhouses in India, ensuring that these types of properties are preserved for agricultural purposes and local farmers.

Yes, NRIs are required to obtain permission from the Reserve Bank of India (RBI) before purchasing any immovable property in India. This permission is necessary regardless of whether the property is residential, commercial, or industrial.

Individuals must submit a declaration using Form IPI 7 to the Central Office of Reserve Bank in Mumbai within 90 days from either the date of acquiring immovable property or completing the final payment for its purchase. This declaration should be accompanied by a certified copy of the transaction document and a bank certificate confirming the payment made.

Yes, Reserve Bank has granted permission for sale of such property.

Yes, The Reserve Bank has provided general authorization for leasing out any immovable property in India. Any income generated from such investments is permissible for repatriation.

The Reserve Bank has authorized certain financial institutions, such as HDFC, LIC Housing Finance Ltd., etc., as well as authorized dealers, to offer housing loans to Non-Resident Indian (NRI) nationals for purchasing a house/flat for self-occupation, subject to specific conditions.

A NRI cannot buy agricultural land/plantation property/farmhouses in India. Proposals to buy such land have to be specifically approved by RBI, in consultation with the Government of India.

Both NRI or OCI, required to file your tax returns if you meet any of these criteria: your taxable income in India during the year exceeded the basic exemption limit of INR 1.6 lakh, or if you've earned short-term or long-term capital gains from the sale of any investments or assets, irrespective of whether the gains are below the basic exemption limit.

In such situations, you have the option to file your tax return by either granting power of attorney to someone in India or by sending your forms and documents to a tax expert in India, who can then file the return on your behalf. Additionally, you can utilize the online platform to file your tax returns.

Foreign nationals are restricted from acquiring or transferring immovable property in India, except through lease agreements not exceeding five years, without prior permission from the Reserve Bank. However, this restriction does not apply to Overseas Citizens of India (OCIs).