NRI Corner

• Held an Indian Passport at any time, or
• Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

We started this business from scratch, and know full-well how tight money can be when you are first starting out. We empathize with the struggles of new business owners, and therefore work diligently so that the new businesses that we work with succeed.

The primary criteria we look for when working with new businesses is the seriousness of the business owner. While it is natural for a new business owner to be cautious with the money they spend - we do look for a commitment to growth. If you do not have a specific plan for how you intend to grow your business, then the reality is - you will probably never be in a good position to afford our services.

With that said - if you are growth-minded, then we are happy to help you achieve that growth, and are willing to work with you to come up with a plan that fits within your budget and comfort level. Whether this is a smaller site, financing options, or a payment plan - we are confident that we can figure out something that will be mutually beneficial.

There are no restrictions on the number of residential / commercial properties that can be purchased.

An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents with the Reserve Bank.

Yes, NRIs and PIOs can freely acquire immovable property by way of gift.

Yes, NRI/PIO can rent out the property without the approval of the Reserve Bank.

Yes

Acquisition of Immovable Property in India.

Under the general permission available, the following can purchase immovable property in India:

The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land / plantation property / farmhouse in India.

Such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.

There are no restrictions on the number of residential / commercial properties that can be purchased.

No.

Following options exist for making payment for purchase of the property

Yes, such loans are subject to the terms and conditions as laid down in Schedules 1 and 2 to Notification No. FEMA 5/2000-RB dated May 3, 2000 as amended from time to time.

Following options exist for making payment for purchase of the property

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

Yes, NRI / PIO may gift residential / commercial property.

In case the amount has been received from inward remittance or debit to NRE/FCNR(B)/NRO account for acquiring the property or for repayment of the loan, the principal amount can be repatriated outside India. Any Capital Gain is credited to NRO A/C. However, repatriation of sale proceeds purchased out of foreign exchange is restricted to not more that two residential properties, in a block of one year.

In case the property is acquired out of Rupee resources and/or the loan is repaid by close relatives in India ( as defined in Section 6 of the Companies Act, 1956), the amount can be credited to the NRO account of the NRI/PIO. The amount of capital gains, if any, arising out of sale of the property can also be credited to the NRO account.

NRI/PIO are also allowed by the Authorised Dealers to repatriate an amount up to USD 1 million per financial year out of the balance in the NRO account for all bonafide purposes to the satisfaction of the authorised dealers, subject to tax compliance.

Repatriation of income derived out of letting of immovable property is permissible. NRI/PIO can rent out the property without approval of Reserve Bank. Rent received can be credited to NRO/NRE account or remitted abroad. Powers have been delegated to the Authorised Dealers to allow repatriation of current income like rent, interest, dividend etc. of NRI/PIO who do not maintain an NRO account is based on an appropriate certification by Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid/ provided for.