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What are the consequences of NRI buying agricultural land in India
31-May-2023 (In Property Law)
i have purchased agriculture land in the name of my wife who is curtly staying with me out of India. She will go and settle in India permanently after 6 months. Is there any problem with this? if at all there is any problem what can be the consequences like how much penalty i need to pay or any other consequence possible?
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. To purchase agricultural land approval of the Reserve Bank is necessary. In case i donot think u had a permission. When u perchase a land your wife is living in india . If at that she is in india , a person had purchased immovable property including agricultural land in india when he/she was an Indian citizen can continue to hold that property without the approval of the Reserve Bank after becoming an OCI card holder.If your wife is nri at the time of purchasing land .Do not do anying when govt.come to know they do as per procedure.
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Adv. Meena Chaudhari
Navi Mumbai | 100+ Answers
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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.
If she is a NRI she cannot buy agricultural land in India. She can only get it by way of inheritance. Please try and get approval from RBI for the purchase she has made. First of all find out whether she qualifies as a NRI in the last financial year. Has she satisfied the criteria for being assessed as a NRI?
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Adv. Pipli Datta
Mumbai | 100+ Answers
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The transfer of agricultural land is only allowed to Indian residents. However, the income from the sale or use of assets acquired by NRIs in India will also be taxed.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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