As per the current foreign exchange regulations rules in India, a NRI can purchase, gift or inheritance of the immovable property if it is residential or commercial. But, the property can not be agricultural land, farm land or plantation property if the transaction is of purchase or gift. This restriction however will not stop a NRI to inherit the property even if it is farm land or agricultural land. But, there are certain restrictions around this kind of transaction if a NRI is involved. If you have any questions related to this subject, please post it in the comments section. If you are interested in receiving the future articles, please subscribe here. Following are some of the NRI related articles in our blog. Please explore them to get more idea.
- How to find NRI status?
- NRI Bank Accounts
- 10 things you must know about NRI bank accounts
- Home Loans for NRI
The restriction are imposed on NRI to misuse the farmland by selling to some third party and get the profit. This restriction is important for protecting the farm lands in our country.