378+ Lawyers are online 
Can a NRI purchase an agricultural land in India
16-May-2023 (In Property Law)
I am a UK citizen and have an OCI. I wish to purchase an agricultural farm in Nagpur and would like to know if it is possible. I can purchase it in my father's name also as he is an Indian citizen. My father had ancestors who were farmers but we don't have any proof of that. Is it possible to convert agricultural land into commercial property so that I can purchase it? If not, can my father purchase this? We are Hindu.
A foreign citizen of non-Indian origin cannot acquire agriculture land/farm house/plantation property in India without the prior approval of the RBI, whereas a foreign citizen of Indian origin can acquire such properties without the prior approval of the RBI but only by way of inheritance. Leasing of immovable property for a period of five years or less is freely permitted.
Helpful?
99+
99+
Adv. Siddhant Sharma
Delhi | 200+ Answers
Chat
Is sale of rural agricultural land taxable by NRI?
A rural agricultural land is not considered a capital asset, and therefore no capital gain will be generated on the transfer of this land. This exemption is covered by section 10(37), of the Income Tax Act, 1961. This sale will not result in capital gains.
Can overseas citizen of India buy agricultural land in India?
The exchange control law prohibits non-resident Indians and foreign passport holders from acquiring agricultural land in India. 14-Feb-2022
Can parents gift agricultural land to NRI?
Only by inheritance can you legally inherit agricultural land. NRIs cannot inherit agricultural land. If you spent more than 182 consecutive days in India in the last financial year, it may be possible.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
