Rule 24 - Acquisition and transfer of property in India by a NRI or an OCI - Foreign Exchange Management (Non-debt Instruments) Rules, 2019

CHAPTER IX ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA 24. Acquisition and transfer of property in India by a NRI or an OCI - A NRI or an OCI may - (a) acquire immovable property in India other than an agricultural land or farm house or plantation property: Provided that the consideration, if any, for transfer, shall be made out of : (i) funds received in India through 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, rules or regulations framed thereunder: Provided further that no payment for any transfer of immovable property shall be made either by traveller s cheque or by foreign currency notes or by any other mode other than those specifically permitted under this clause; (b) acquire any immovable property in India other than agricultural land or farm house or plantation property by way of gift from a person resident in India or from an NRI or from an OCI, who in any case is a relative as defined in clause (77) of section 2 of the Companies Act, 2013; (c) acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property:- (i) in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these rules ;or (ii) from a person resident in India; (d) transfer any immovable property in India to a person resident in India; (e) transfer any immovable property other than agricultural land or farm house or plantation property to an NRI or an OCI.