Hi this quiz is related to Real Estate (NRI FAQ)
NRI Property Related Quiz :-
Q.1. Who can purchase immovable property in India?
Ans. Under the general permission available, the following categories can purchase immovable property in India:
i) Non-Resident Indian (NRI)1
ii) Person of Indian Origin (PIO)2
The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land /plantation property / farm house in India.
Q.2. Can NRI/PIO acquire agricultural land/ plantation property / farm house in India?
Q.3. Are any documents required to be filed with the Reserve Bank after the purchase?
Ans. No. An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents/reports with the Reserve Bank.
Q.4. How many residential / commercial properties can NRI / PIO purchase under the general permission?
Ans. There are no restrictions on the number of residential / commercial properties that can be purchased.
Q.5. Can a foreign national of non-Indian origin be a second holder to immovable property purchased by NRI / PIO?
Q.6. Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?
Q.7. Can a foreign national who is a person resident in India purchase immovable property in India?
Q.8. Can a non-resident inherit immovable property in India?
Q.9. Can an NRI/foreign national sell his residential / commercial property?
Ans. (a) NRI can sell property in India to
i) a person resident in India; or
ii) an NRI; or
iii) a PIO.
Q.10. Can a non-resident gift his residential / commercial property?
Q.11. Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds?
All the above notifications and A.P. (DIR Series) Circulars are available on the RBI website: www.fema.rbi.org.in. The Master Circular on Acquisition and