Q:
Who is a Non-Resident Indian (NRI)?
A: A NRI is a Person Resident Outside India who
is a citizen of India or a Person of Indian origin.
A Person resident
outside India is a person who has gone out of India or who stays
outside India, in either case
For or on
taking up employment outside India, or
For carrying on outside India a business or vocation, or
For any other purpose, in such circumstances as would indicate
his intention to stay outside India for an uncertain period
Q:
Who is a Person of Indian Origin?
A: A person of Indian origin is an individual
(not being a citizen of Pakistan or Bangladesh or Sri Lanka or
Afghanistan or China or Iran or Nepal or Bhutan), who:
At any time, held Indian passport;
Who or either of whose father or whose grandfather was a citizen
of India by virtue of the Constitution of India or the Citizenship
Act, 1955 (57 of 1955)."
Q:
Do non-resident Indian citizen require permission of Reserve Bank
to acquire residential/ commercial property in India?
A: No. An Indian citizen resident outside India
does not require any permission to acquire any immovable property
in India other than agricultural/ plantation property or a farmhouse
Q: What particulars must 'Deeds of Apartments' under the
Apartment Ownership Act contain ?
A: Deeds of Apartments must contain the following
particulars, namely:
a)
Description of the land as provided by Section 11 of the Act or
the post office address of the property, including in either case
the liber, page and date of executing the Declaration, the date
and serial number of its registration under the Registration Act,
1908 and the date and other reference, if any of its filing with
the competent authority.
b) The apartment number of the apartment in the
Declaration and any other data necessary for its proper identification.
c) Statement of the use for which the apartment
is intended and restrictions on its use, if any.
d) The percentage of undivided interest appertaining
to the apartment in the common areas and facilities.
e) Any further details which the parties to the
deed may deem desirable to set forth consistent with the Declaration
and this Act.
A true copy
of every Deed of Apartment shall be filed in the office of the
competent authority.
Q: What are the permissions required when one is in the
process of acquiring immovable property?
A: This will depend on the considerations agreed
upon to be paid and the status of the sellers and or the purchaser/s.
1. If the
seller, being an Indian national, wants to sell his property to
a purchaser, being an Indian national, and if the sale consideration
exceeds the prescribed limit under Chapter XXC of the Income-Tax
Act, 1961, the parties to the Agreement for Sale or Memorandum
of Sale should be within 15 days of the execution of such Agreement
of Sale/Memorandum of Sale file Form 37-I with the Appropriate
Authority, within whose jurisdiction the property is situated,
for a grant of 'No Objection Certificate'.
2. After the receipt of the 'No Objection Certificate' under Chapter
XXC of the Income Tax Act, 1961 and before executing the Sale
Deed, the Seller will be required to obtain clearance certificates
under Section 230-A of the Income Tax Act, 1961.
3. In case the Urban Land (Ceiling and Regulation) Act 1961 or
any similar law is in existence, in the State where the Property
is situated, permission also may be required under such law or
Urban Land (Ceiling and Regulation) Act, 1976, as applicable.
4. In case the Seller and/or the Purchaser is a foreign national
(foreign national not being of an Indian origin), such a Seller
or Purchaser would require to obtain permissions for sale or purchase
of immovable property in India proposed to be sold/ purchased
under the Foreign Exchange Regulation Act.
The requisite Form IPI-1 and/or Form IPI-2 of the Exchange Control
Rules are to be filled and permissions for sale and/or purchase
of the property should be obtained.
5. In case of the purchaser being an NRI or a Foreign National
of Indian Origin (as per qualification), acquires residential/
commercial immovable Property in India from and out of foreign
funds, either paid directly or through NRI account, such a purchase
is entitled to repatriation of such funds used for purchase after
a lock-in period of three years from the date of Sale Deed being
executed or possession being taken in part performance, whichever
is earlier, provided the Purchaser files for IPI 8 of the Exchange
Control Rules within the period of 90 days of the Sale Deed being
executed or possession being taken in part performance, whichever
is earlier.
