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Continuance of ownership of property, after becoming an NRI

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Continuance of ownership of property, after becoming an NRI

Last updated: May 19 2017
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  • Continuance of ownership of property, after becoming an NRI

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    What if a person who owns properties in India, subsequently, becomes an NRI?

    Such a person can continue to hold the property in his name in India. An NRI is also allowed to continue to own any agricultural land, plantation property, or farmhouse that he owned when he became an NRI, which he is otherwise not allowed to purchase, after becoming an NRI. They are also allowed to let out the property, irrespective of when it was acquired. The rent received from such property, can be remitted, after appropriate Indian taxes have been paid on such rent.

    Likewise, any NRI is allowed to sell, or gift an immovable property to any person resident in India. S/he can also gift or transfer any property, other than agricultural property, farmhouse, or plantation property, to any NRI.

    Source: Housing.com/news

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    Last edited May 19 2017, 12:01 PM.
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