Can OCI buy agricultural land in India?
(e) transfer any immovable property other than agricultural land/ farm house/ plantation property to an NRI or an OCI. Going through the above it is clear that an NRI /OCI cannot buy Agricultural land/farm/property without prior approval from RBI, however, they can inherit the property.
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.
Under the exchange control law, non-resident Indians or foreign passport holders are prohibited to acquire agricultural land in India.
However, an NRO who is a citizen of India or an overseas citizenship of India cardholder can inherit agricultural land or any immovable property in India from a person resident in India. Do note that in case you decide to sell such agricultural land, it can only be sold to a person resident in India.
In respect of giving the land to your son, who we assume to be an NRI too, you may note that an NRI can gift residential and commercial property to another NRI. However, if the property is an agricultural land, plantation property or a farmhouse, it can only be gifted to a citizen of India residing in India.
NRIs can buy both residential and commercial property in India but not agricultural land, farm houses, or plantation properties. However, if an NRI is willing to purchase agricultural land in India, it requires permission from the Reserve Bank of India for doing so.
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.
A person who has got registration as OCI cardholder prior to attaining the age of 20 years will have to get the OCI card re-issued only once when a new passport is issued after his/her completing 20 years of age, so as to capture his/ her facial features on attaining adulthood.
Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.
Advantages | Disadvantages |
---|---|
Lifelong multiple entries for visiting India. | Not eligible for purchasing agricultural land. |
No requirement for registering with local police authorities after 180 days. | Not eligible for a government job. |
Can OCI 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.
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. 30.
Further, an OCI can open all types of accounts allowed to a Resident customer. A joint account with Resident Indian (RI) who is a close relative can also be opened subject to following conditions: Mode of operation permitted is 'Former (NRI) or Survivor' only.
Besides, the income of the buyer from a non-agriculture occupation should not exceed more than Rs 25 lakh per annum. The Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), Overseas Citizens of India (OCIs) and foreign citizens also face restrictions with respect to agriculture land purchase.
As per notification No. FEMA21/2000 RBI dated May 3, 2000, NRI or PIO cannot acquire agricultural land or plantatiom (property or farm house) in India . Purchase of any property in violation of FEMA laws can result in fine or even confixation of such property.
In some states, only one farmer can buy such land while in other states there are no restrictions. Across India, NRIs and foreign nationals cannot buy agricultural land/plantation property/farmhouse. However, they can inherit agricultural land. Provides information by state in alphabetical order.
As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for Buying/selling his/her property in India.
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.
Mailing Address is an Overseas address
Photocopy of Overseas Citizen of India (OCI) card mentioning the overseas address. Photocopy of Person of Indian Origin (PIO) card mentioning the overseas address.
A: You will be allowed entry into India if you have a valid OCI Card and a valid foreign passport. You do not need to carry the old passport on which your "U” (OCI) Visa was stamped, if that happens to be different from your current passport.
What can OCI not do in India?
- Vote.
- Become a member of a Legislative Assembly or Legislative Council or the Parliament.
- Hold constitutional posts such as President, Vice President, Judge of Supreme Court, or High Court.
- Hold employment in the Government.
- Hold an Indian passport.
Benefits: OCIs are entitled to a multipurpose, multiple entry, lifelong visa allowing them to visit India at any time, for any length of time and for any purpose. They are exempted from police reporting for any length of stay in the country.
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 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).
If you require an OCI card for staying in India for under five years, opting for an India visa is an ideal choice. This is because it is easy and convenient to apply. Also, you can apply it online through a third-party agent. Thus, it saves you both time and money unlike applying for an OCI card.
An OCI card holder does not need a visa to live or work in India. An OCI card holder can stay in India for life time. It is important for an OCI card holder to ensure that they hold valid passports from their home country.
An NRI can invest in various financial investment opportunities available in India. 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.
Passport and/or OCI card: NRIs must show their Indian passport. 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.
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'.
Aadhar card is used for identity and address proof of person but citizenships is birthright to stay in India. Aadhar is one of essential document for identification but it is not for domicile Indian.. Any person can make Aadhar card by giving bank passbook and licence In India but can become permanent citizen.
Will I lose my Indian citizenship if I become US citizen?
Registering as an Overseas Citizen of India (OCI) is often mistaken for dual citizenship. India does not grant dual citizenship. Therefore, if an individual claims to be a citizen of foreign country, the claim to Indian citizenship is automatically refuted.
NRI/OCI may take in or take outside India Indian currency notes upto Rs. 25000 per person.
Under the RBI's general permission, an NRI cannot purchase any agricultural land or plantation property in India. Consequently, under the existing regulations, NRIs cannot purchase farmhouses in India.
A foreign national of non-Indian origin resident outside India cannot buy any immovable property in India. It is illegal for foreign nationals to own property in India unless they satisfy the residency requirement of 183 days in a financial year (a tourist visa lasts for 180 days).
“A Power of Attorney (POA) plays a significant role in the real estate dealings of the Non-Resident Indians (NRIs). As per the Registration Act, 1908, whenever an NRI sells or purchases a house property, both parties must be present physically while registering the transaction.
NRIs as well as OCIs can't directly buy agricultural land, plantation property, or a farmhouse in India but they can inherit it from a Resident Indian. An NRI can even inherit such properties from other NRIs subject to certain regulations such as special permissions from RBI.
Besides, the income of the buyer from a non-agriculture occupation should not exceed more than Rs 25 lakh per annum. The Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), Overseas Citizens of India (OCIs) and foreign citizens also face restrictions with respect to agriculture land purchase.
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.
As an NRI you can inherit any number of properties including agricultural land and farm house in India from a resident Indian whether relative or no.
In some states, only one farmer can buy such land while in other states there are no restrictions. Across India, NRIs and foreign nationals cannot buy agricultural land/plantation property/farmhouse. However, they can inherit agricultural land. Provides information by state in alphabetical order.
How do you get government land for agriculture?
- Qualifications. ...
- Procedure of submitting the application(Where to get, Handover the application, counter a time) ...
- Fee for the application. ...
- Time for submission of application. ...
- Time duration to get the service(Normal & Priority Services)
- Decide according to the project.
A foreign national of non-Indian origin resident outside India cannot buy any immovable property in India. It is illegal for foreign nationals to own property in India unless they satisfy the residency requirement of 183 days in a financial year (a tourist visa lasts for 180 days).
Under the RBI's general permission, an NRI cannot purchase any agricultural land or plantation property in India. Consequently, under the existing regulations, NRIs cannot purchase farmhouses in India.
“A Power of Attorney (POA) plays a significant role in the real estate dealings of the Non-Resident Indians (NRIs). As per the Registration Act, 1908, whenever an NRI sells or purchases a house property, both parties must be present physically while registering the transaction.
Yes & No. The ULC act prevents buying of large chunks of land. About 60 acres or less. This also varies as per each state.
Passport and/or OCI card: NRIs must show their Indian passport. 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.
Advantages | Disadvantages |
---|---|
Lifelong multiple entries for visiting India. | Not eligible for purchasing agricultural land. |
No requirement for registering with local police authorities after 180 days. | Not eligible for a government job. |
A person who has got registration as OCI cardholder prior to attaining the age of 20 years will have to get the OCI card re-issued only once when a new passport is issued after his/her completing 20 years of age, so as to capture his/ her facial features on attaining adulthood.
An NRI can only sell residential or commercial property in India to a person residing in India or to an NRI or a PIO (Person of Indian Origin). Under general permission, an NRI can sell his agricultural land/plantation property/farm house in India only to a person who is a resident of India and is an Indian citizen.
OCI means an individual resident outside India who is registered as an Overseas Citizen of India Cardholder under section 7A of Citizenship Act, 1955.
Can NRI gift property to parents in India?
NRIs can give and receive gifts in cash or kind (jewelry, antiques, property) to and from relatives and non-relatives in India.