Can Overseas Citizen of India sell property in India?

According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.

Can Overseas Citizen of India sell property?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

How can a foreigner sell property in India?

If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.

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Can a person of Indian origin sell property in India?

A PIO can sell non-agricultural property/land to resident Indian. But PIO cannot sell agricultural land or plantation property or farm house to a resident Indian. … In general, PIO can sell the property to NRI and resident Indian. If the buyer is also PIO, then the prior approval from RBI is required.

Can OCI holder live permanently in India?

Overseas Citizenship of India (OCI) is a form of permanent residency available to people of Indian origin and their spouses which allows them to live and work in India indefinitely. Despite the name, OCI status is not citizenship and does not grant the right to vote in Indian elections or hold public office.

Can you sell property in India without OCI card?

According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.

Can OCI holder buy or sell in India?

A: OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property. … However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.

What happens when NRI sells property in India?

When an NRI sells property, the buyer is liable to deduct TDS @ 20%. In case the property has been sold before 2 years(reduced from the date of purchase) a TDS of 30% shall be applicable.

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Can NRI sell property in India RBI permission?

A person of Indian origin resident outside India does not require any permission to transfer any immovable property in India other than agricultural land/farm house/plantation property, by way of sale to a person resident in India.

How can I avoid tax on property sale in India?

Exemptions from your Gains that Save Tax Section 54F (applicable in case its a long term capital asset)

  1. Purchase one house within 1 year before the date of transfer or 2 years after that.
  2. Construct one house within 3 years after the date of transfer.
  3. You do not sell this house within 3 years of purchase or construction.

Can PIO card holder buy property in India?

A PIO can acquire by way of purchase any immovable property (other than agricultural land/ plantation property / farm house) in India. … A PIO can transfer any immovable property in India (other than agricultural land / farm house / plantation property) by way of sale to a person resident in India.

Can NRI sell inherited property in India?

NRIs can sell an inherited property or gift the same and remit the money outside India. … Foreign nationals cannot sell or transfer a property acquired by way of inheritance, without prior permission from the RBI.

Can OCI get Aadhar card?

Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.

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What are the disadvantages of OCI card?

For OCI Cardholders

Advantages Disadvantages
2. No requirement for registering with local police authorities after 180 days. 3. Not eligible for a government job.
4. No requirement for special permission to work and study 3.Not allowed to participate in Indian elections.
5. Similar benefits as NRIs on financial, educational.

Is dual citizenship allowed in India?

The Constitution of India does not allow holding Indian citizenship and citizenship of a foreign country simultaneously. Based on the recommendation of the High Level committee on Indian Diaspora, the Government of India decided to grant Overseas Citizenship of India (OCI) commonly known as ‘dual citizenship’.