OCI Card Holders Are No Longer Allowed To Buy and Sell Properties In India (2024)

FAQs

Can I buy and sell property in India with OCI? ›

Q: Can OCI card holders purchase property 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.

Q. Can an Overseas Citizen of India (OCI) card holder or NRI buy/sell real estate in India? A. As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property.

Restrictions on Dual Citizenship

This put OCI cardholders on an equal basis with NRIs, but without any political privileges (such as the right to vote or hold public office). The OCI cardholders' rights and privileges have been further restricted with the adoption of the OCI Notification 2021.

The requirement of carrying old and new passports, along with the OCI card, has been done away with. Henceforth, an OCI cardholder traveling on the strength of existing OCI card bearing old passport number is not required to carry the old passport. However, carrying the new (current) passport is mandatory.

A. 29. Yes, Foreign Embassies / Diplomats / Consulate Generals can purchase and sell any immovable property other than agricultural land / plantation property / farm house in India with prior clearance from the Government of India, Ministry of External Affairs.

Hi, Adhar is not required for sell the property in India. You don't need any aadhar card or proof of residence for selling any property in India. Your passport, Pan card and OCI card will suffice. - Hence, these two documents are enough to execute the sale deed for transferring the property in the name of buyer.

The Reserve Bank of India clarifies that Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) don't need to take prior approval for buying or selling immovable properties in India.

For OCI Cardholders

Not eligible for purchasing agricultural land. No requirement for registering with local police authorities after 180 days. Not eligible for a government job. Not allowed to participate in Indian elections.

Yes, the PIO and OCI can invest in the same way as NRIs. The rules applicable to NRIs for investing in Indian stock markets get applied for PIO and OCI as well.

Yes. On payment of requisite fee, a new OCI 'U' visa sticker will be issued. However, the applicant can continue to carry the old passport wherein the OCI 'U' visa sticker was pasted along with new passport for visiting India without seeking a new visa, as the visa is lifelong.

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.

An NRI or OCI can inherit any immovable property (such as land or buildings) in India, whether it is residential or commercial. They can even inherit agricultural land or a farmhouse, which they are otherwise not entitled to acquire by way of purchase.

Registered OCI Cardholders shall be entitled to the following benefits: Multiple entry lifelong visa for visiting India for any purpose (However OCI Cardholders will require a special permission to undertake research work in India for which they may submit the application to the Indian Mission/ Post/ FRRO concerned).

Re-issuance of OCI registration certificate is not mandatory each time a new passport is issued between 21-50 years of age. However, if the applicant wishes to obtain new set of OCI documents, he/she can apply for the same. If the OCI card is issued at the age of 50 years, there is no need for re-issuance of OCI.

Overseas Citizen of India Card Holder

An individual automatically acquires NRI status upon residing in India for less than 182 days. Citizen from a foreign country who is eligible to become an Indian Citizen on or at any given time post-1950.

Yes, an OCI cardholder can buy property in India as long as it is not agricultural land, a plantation property, or a farmhouse. An OCI can also receive a property as a gift, as long as it is from an Indian resident relative.

As an NRI, if you sell a property in India, the buyer deducts 20% as Tax Deducted at Source (TDS) as Long Term Capital Gains Tax for properties sold after two years. For properties sold before 2 years, the TDS rate is 30%, deducted as Short Term Capital Gains Tax.

Further, an OCI can open all types of accounts allowed to a Resident customer.

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.

If you hold a foreign passport, you can buy property in India provided you have a PIO (Persons of Indian Origin) card or an OCI (Overseas Citizen of India) card. PAN Card: This is mandatory for property transactions.

Can an OCI get a mortgage in India? ›

Individuals eligible for an NRI Home Loan

Profiles - Non Resident Indian (NRI), Person of Indian origin (PIO), Overseas Citizen of India (OCI), except Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan. Age - Minimum age of the applicant should be 24 years.

The provision under Section 7D of the Citizenship Act 1955, now provides for an individual to lose the OCI status if he or she “violates'' any of the provisions of Citizenship Act 1955, or the provisions of any other law as specified by the Union government.

However, OCI cardholders were allowed to enter India, whereas the tourist visa (both electronic and paper) was banned and tourist visa holders were restricted from traveling to India during the pandemic. Inarguably, the OCI Card is given preference to the tourist visa in the event of international travel restrictions.

US citizens can only stay in India for 180 days if they have applied for the 1 year India Visa. Please keep in mind that there are different types of Indian E Visas. US passport holders can choose between single or multiple-entry India Visas, each with its length.

Answer: A person resident outside India, not being a Non-Resident Indian or an Overseas Citizen of India, who is a spouse of a Non-Resident Indian or an Overseas Citizen of India may acquire one immovable property (other than agricultural land/ farm house/ plantation property), jointly with his/ her NRI/ OCI spouse ...

Yes. As per the provisions of section 5(1) (g) of the Citizenship Act, 1955, a person who is registered as an OCI for 5 years and is residing in India for 1 year out of the above 5 years, is eligible to apply for Indian Citizenship.

Eligible for grant of Indian citizenship under Section 5(1)(g) of the Citizenship Act, 1955 after completion of 5 years as OCI card holder, provided he has resided in India for one year out of 5 years before making the application.

All those people who are holding Indian Citizenship and settled abroad should fill form 49A to apply for PAN Card application. NRIs who hold Foreign citizenship such as OCI holders or people who have originated from India but have Foreign citizenship should fill form 49AA.

Foreign Citizens Applying for PAN

You can visit the TIN-NSDL website and fill out form 49AA. Individuals who have foreign nationalities, OCI holders and PIOs need to use this form to get a PAN Card.

Indian OCI Card Validity Period

As an OCI card is a lifelong visa, it technically never expires. However, you still need to renew it after some time. Foreigners of Indian origin, OCI cardholder spouse, or foreign spouse of an Indian citizen can get an OCI card.

Do OCI card holders pay tax? ›

Overseas Citizens of India (OCI), or Foreign Citizens and who are residents of India for more than 182 days have to pay tax and file income tax return in India. The income tax filing is usually based on his/her global income and is subject to the conditions of DTAA (Double Tax Avoidance Agreement).

2021 (copy below), it has been decided that all OCI Card holders who are required to get their OCI card re-issued once a new passport is issued after completing 20 years of age, are given further time to do so by 31st December, 2022.

Re-issuance of OCI is mandatory every time passport is renewed up to the age of 20 years, and once on acquiring a new passport, after completing 50 years of age, in view of frequent biological changes in facial features in this age group.

OCI card needs to be re-issued each time a new passport is acquired by the cardholder up to the age of 20 years. OCI card is required to be re-issued once on acquiring a new passport after completing 50 years of age.

An NRI can invest in residential/commercial properties but is not allowed to invest in agricultural or plantation property or a farmhouse. An OCI can invest in various financial investment opportunities available in India.

Accordingly, as an OCI, you may inherit the agricultural land from your parents who are persons resident in India.

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".

According to the Reserve Bank of India guidelines, OCI or NRI cardholders can invest in residential or commercial properties. According to the guidelines, one can purchase any number of commercial or residential properties. They are not allowed to invest in agricultural land, plantation land, or farmland.

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 its name, OCI status is not citizenship and does not grant the right to vote in Indian elections or hold public office.

For OCI Cardholders

Not eligible for purchasing agricultural land. No requirement for registering with local police authorities after 180 days. Not eligible for a government job. Not allowed to participate in Indian elections.

Can OCI have Aadhar card 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.

Further, an OCI can open all types of accounts allowed to a Resident customer.

An NRI or OCI can inherit any immovable property (such as land or buildings) in India, whether it is residential or commercial. They can even inherit agricultural land or a farmhouse, which they are otherwise not entitled to acquire by way of purchase.