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buying of landed property from father
29-Aug-2023 (In Family Law)
Sir ; I am the only unmarried son and there are one unmarried sister, father and mother in my family. A married sister also lives in her in laws house. Whether I can buy a landed property from my father that is recorded in my grand fathers name ?
An NRI can transfer by sale residential or commercial property in India to a person resident in India, or an NRI, or a PIO. A PIO can sell property in India to a person resident in India with the prior approval of the RBI. Foreign nationals of non-Indian origin[2] can sell property, plantation, agricultural land or farm house in India with prior approval from the RBI to a person resident in India, an NRI, or a PIO.
Transfer by Gift: An NRI or a PIO may gift residential or commercial property to a person resident in India, or an NRI or a PIO. Foreign national of non-Indian origin can make a gift of property only after prior approval from the RBI.
Transfer through Mortgage: An NRI or a PIO can mortgage residential or commercial property to an authorized dealer or housing finance institution in India without the approval of the RBI, and to a party abroad with prior approval from the RBI. A foreign national of non-Indian origin can mortgage property only with prior approval from the RBI. A foreign company, which has established a Branch Office or other place of business in accordance with FEMA, has general permission to mortgage the property with an authorized dealer in India as security for borrowing.
Transfer of Agricultural Land, Plantation Property, Farm House in India Owned Or Held By A Non-Resident
An NRI or a PIO may sell agricultural land or plantation property or farm house to a person resident in India who is a citizen of India. Foreign national of non-Indian origin resident outside India need prior approval from the RBI to sell agricultural land, plantation property or a farm house in India.
Transfer by Gift: An NRI or a PIO may gift residential or commercial property to a person resident in India, or an NRI or a PIO. Foreign national of non-Indian origin can make a gift of property only after prior approval from the RBI.
Transfer through Mortgage: An NRI or a PIO can mortgage residential or commercial property to an authorized dealer or housing finance institution in India without the approval of the RBI, and to a party abroad with prior approval from the RBI. A foreign national of non-Indian origin can mortgage property only with prior approval from the RBI. A foreign company, which has established a Branch Office or other place of business in accordance with FEMA, has general permission to mortgage the property with an authorized dealer in India as security for borrowing.
Transfer of Agricultural Land, Plantation Property, Farm House in India Owned Or Held By A Non-Resident
An NRI or a PIO may sell agricultural land or plantation property or farm house to a person resident in India who is a citizen of India. Foreign national of non-Indian origin resident outside India need prior approval from the RBI to sell agricultural land, plantation property or a farm house in India.
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Adv. Ishan Rohan
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