Can OCI card holder sell agricultural land 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.

Can OCI sell agricultural land in India?

Sale of Agricultural Land by NRI

NRIs and OCIs can sell agricultural land, plantation property, or a farmhouse only to a Resident Indian. For the lands purchased with permissions from RBI, special approvals are required to complete sale transactions.

Can OCI holder sell property India?

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.

Can NRI sell agricultural land in India?

NRIs can sell agricultural land, plantation property, or farmhouse property provided the buyer is a citizen of India and resides in India. If the NRI has purchased such lands with permission from RBI, they require approval from RBI to complete a sale transaction.

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Can OCI buy agriculture land?

However, as an exception, a non-resident Indian (a person resident outside India who is a citizen of India) or an Overseas Citizen of India (OCI) cardholder can acquire any immovable property in India (including agricultural land) by way of inheritance from a person resident in India.

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.

What are the disadvantages of OCI card?

The OCI card benefits refer to the rights you gain, like working, living, and entering India as many times as you want. One of the major drawbacks is that you must surrender your Indian passport as India doesn’t accept dual citizenship. Still, this is a chance for Indians living and working abroad.

Can OCI holder have bank account in India?

Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India.

What is the new OCI rule?

According to the new relaxed rule, those with OCI cards issued before the cardholder turned 20 years old only need to obtain a re-issued OCI card once when they obtain a new passport after reaching 20 years of age. Cards issued after holder turned 20.

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How long OCI can stay in India?

cardholders ? (i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.

Can NRI gift property to parents in India?

While gifts received by any person above INR 50,000 are taxable, there are special exemptions for gifts to some specific relatives like children and parents. However there is no limit on the amount that can be gifted. Can resident gift shares to NRIs?

Can NRI parents buy agricultural land in India?

NRIs are not legally eligible to buy an agricultural land in India. An NRI cannot purchase any type of property in India without prior approval from RBI (Reserve Bank of India). … Your parents can buy the agricultural land on their name, subject to the particular state laws on this.

Can a NRI sell property in India?

An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.

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