An NRI or OCI can receive an agricultural/ plantation property or a farmhouse as a gift from a Resident Indian but an NRI can’t give such properties to other NRIs as gifts. An NRI can only give such properties to a Resident India as gifts.
Can an OCI buy agricultural land in India?
However, as an exception, a non-resident Indian (a person resident outside India who is a citizen of India) or an Overseas Citizen of India (OCI) cardholder can acquire any immovable property in India (including agricultural land) by way of inheritance from a person resident in India.
Can an OCI inherit agricultural land?
NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India.
Can agricultural land be gifted?
Agricultural land is Ancestral property which cannot be gifted without the consent of all legal heirs and co- parceners. A farmer is entitled to have agricultural land in his/her name transferred as Land ceiling Act.. 1. Agricultural property CANNOT be Sold /Gifted to a non-agriculturist, under any pretext.
Can NRI get agricultural land gifts?
Under the Foreign Exchange Management Act, 1999, there is no restriction on an NRI inheriting an agricultural land. … However, if the property is an agricultural land, plantation property or a farmhouse, it can only be gifted to a citizen of India residing in India.
Can OCI get Aadhar card?
Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.
What are the disadvantages of OCI card?
The only disadvantage of OCI is that it takes longer time to process as it has to be printed in Delhi, while you can get visa in just 3 or 4 days. OCI card fees is higher than entry visa. 2. The time period of about 4 months to get the OCI is way longer than the visa which I believe is in days/weeks.
Is OCI same as NRI?
Individuals living overseas can be classified into three major categories — Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and Overseas Citizen of India (OCI). Non-Resident Indians (NRIs): In common parlance, any Indian living overseas is known as an NRI.
What is the new OCI rule?
According to the new relaxed rule, those with OCI cards issued before the cardholder turned 20 years old only need to obtain a re-issued OCI card once when they obtain a new passport after reaching 20 years of age. Cards issued after holder turned 20.
Can OCI holder sell property India?
So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.
Is it worth buying agricultural land?
Investors should not just exercise due diligence while buying farmland, but also have a clear plan for how they will manage the land once they own it. … “Buying agricultural land can be a good investment for high net worth individuals and for those with surplus income,” said senior financial adviser Subba Rao Anupindi.
Is it better to gift or inherit property?
It’s generally better to receive real estate as an inheritance rather than as an outright gift because of capital gains implications. The deceased probably paid much less for the property than its fair market value in the year of death if they owned the real estate for any length of time.
Is agricultural land exempt from capital gains tax?
Capital gains tax hold over
All land which qualifies for inheritance tax agricultural property relief, whether at 100 per cent or 50 per cent, can be given away, for example to the next generation, without liability to capital gains tax being incurred.