NRI means a Non-Residential Indian which stands for a person, who is a citizen of India residing outside India or is a person of Indian origin.

About immovable property aspects of NRI in India.

• A person residing outside India permitted under Reserve Bank of India to establish an office or place of business in India has general permission to acquire immovable property in India, which is necessary for, or incidental to, the activity. However, in such a case a declaration is required to be filed with the Reserve Bank, within 90 days of the acquisition of immovable property.

• An Indian citizen residing outside India indeed does not require any permission to acquire any immovable property in India but in cases of agricultural/plantation property or a farm house there are some conditions which are supposed to be followed properly.

• A NRI (in general) does not require any permission to transfer residential or commercial property legally acquired by him in India by way of gift to a person resident in India or to person resident outside India who is a citizen of India or to an NRI.

• An NRI or a person of Indian origin residing outside India does not require any permission to acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations or from a person resident in India.

• In the event of sale of immovable property, not including agricultural land/farm house/plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin, the authorized dealer may allow repatriation of the sale proceeds outside India, provided All the following conditions are satisfied:-

• The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of        acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999.

• The sale takes place after three years from the date of acquisition of such immovable property or from the date of payment of final installment of consideration for its acquisition, whichever is later