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- Buying Property In India
I am not sure what do you mean by saying that :
your uncle in abroad has bought 10 acres of land suburb of hyderabad.
If this piece of land falls under agricultural/ plantation /farm house category then it is not permissible according to Indian property laws for NRIs. Here are a few pointers for buying property in India. Hope they will help you and many others seeking investment in India.
BUYING PROPERTY IN INDIA
1. Acquisitions and Transfer of Immovable Property in India.
1.1 A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase any immovable property in India other than agricultural/ plantation /farm house. He may transfer any immovable property other than agricultural or plantation property or farm house to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India or a person resident in India. He may transfer, agricultural land/ plantation property/ farmhouse only to Indian citizens permanently residing in India.
1.2. A person resident outside India who is a person of Indian Origin ( PIO) can acquire any immovable property in India other than agricultural land/ farm house/ plantation property :-
a) By way of purchase out of funds received by way of inward remittance through normal banking channels or by debit to his NRE/FCNR(B)/NRO account.
b) By way of gift from a person resident in India or a NRI or a PIO.
c) By way of inheritance from a person resident in India or a person resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force or FEMA regulations at the time of acquisition of the property.
1.3 A PIO may transfer any immoveable property other than agricultural land/Plantation property/farmhouse in India
a) By way of sale to a person resident in India.
b) By way of gift to a person resident in India or a Non resident Indian or a PIO..
1.4 A PIO may transfer agricultural Land/ Plantation property /farmhouse in India by way of sale or gift to person resident in India who is a citizen of IndiaCommentQuote0Flag
He is not US citizen...as u mentioned it says' NRI (WHO STYS OUT SIDE OF INDIA FOR MORE THAN 6 MONTHS).I found out that most of the people say it's applicable to NON INDIAN CITIZENS.
Anyway thanks for u r replyCommentQuote0Flag