Regulation 3 - Acquisition and Transfer of Property in India by an Indian Citizen resident outside India - Foreign Exchange Management (Acquisition And Transfer of Immovable Property In India) Regulations, 2000

3. Acquisition and Transfer of Property in India by an Indian Citizen resident outside India:- A person resident outside India who is a citizen of India may - 1 (a) acquire immovable property in India other than an agricultural property, plantation, or a farm house; Provided that in case of acquisition of immovable property, payment of purchase price, if any, shall be made out of (i) funds received in India through normal banking channels by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank. Provided further that no payment of purchase price for acquisition of immovable property shall be made either by travellers cheque or by foreign currency notes or by other mode other than those specifically permitted by this clause. (b) transfer any immovable property in India to a person resident in India. (c) transfer any immovable property other than agricultural or plantation property or farm house to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India. *************************** Note : 1. Has been substituted vide Notification No. 146/2006 dated 10/2/2006 , before it was read as, acquire any immovable property in India other than agricultural/plantation/farm house, and .