Are Non-Resident Indian’s (NRI’s) allowed to purchase a Residential Property in Goa?
Non-Resident Indian’s and People of Indian Origin with Foreign Passport Holder can purchase of residential property in Goa/India. They are treated wholly as Indian Citizens and therefore don’t require permission to purchase from the Reserve Bank of India .
How do you define a foreign passport holder but of an Indian origin?
A foreign passport holder is deemed to be of Indian Origin if: 1) he held an Indian Passport at any time or ii) he or is father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan , Bangladesh , Afghanistan , Bhutan , Sri Lanka or Nepal .
How should the purchase of residential immovable property be paid for by NRI’s under the general permission?
The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR accounts maintained with banks in India .
Do you have to inform Reserve Bank of India when selling property?
Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another NRI, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
What formalities have to be completed by NRI’s to purchase residential immovable property in India under the general permission?
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property (Sale Deed) or final payment of purchase consideration along with a certified copy of the documentary evidence for the transaction and bank certificate for the money paid.
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