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Purchase of Immovable Property

Part I.
Purchase of immovable property outside India by Resident Individuals

These FAQs attempt to put in place the common queries that users have on the subject in easy-to-understand language. However, for conducting a transaction, the Foreign Exchange Management Act, 1999 (FEMA) and the rules and regulations made or directions issued thereunder may be referred to. The relevant principal provisions are Foreign Exchange Management (Overseas Investment) Rules, 2022 and Foreign Exchange Management (Overseas Investment) Directions, 2022 dated August 22, 2022 as amended from time to time.

Q.1 Can a resident continue to hold immovable property outside India which was acquired by him when he was a non-resident? +

Answer: According to section 6(4) of the FEMA, a person resident in India can hold, own, transfer or invest in any immovable property situated outside India if such property was acquired, held or owned by him/ her when he/ she was resident outside India or inherited from a person resident outside India.

ⁱRelative is as defined in section 2(77) of the Companies Act, 2013.

ⁱⁱNRI refers to a person resident outside India who is a citizen of India.

ⁱⁱⁱOverseas Citizen of India (OCI) is a person resident outside India who is registered as an Overseas Citizen of India Cardholder under Section 7(A) of the Citizenship Act, 1955.

^ivSection 6(5) of FEMA states that a person resident outside India may hold, own, transfer or invest in any immovable property situated in India if such property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.