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Home > Forum > Legal > I am an NRI and looking for legal help

I am an NRI and looking for legal help

Q: I am currently living in Australia, I surrendered my Indian Passport in Nov 2010 and obtained Australian Citizenship, Currently i am holding OCI(Oversease Citizenship Of India) Card. Can i still buy residential property in India. What if i sell property after few years.

buying property
oversease citizenship of india
residential property in india
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Replies (2)
1
There are few well researched article written here, if you are interested you can click on the links to read the articles : NRI Property Buying in India and Tax Implications for Interested NRI Property Buyers in India
Bala Subramanium


2
As per the guidelines issued by RBI, a NRI can purchase any residential or commercial property without any specific permissions from RBI. However he / she is not allowed to buy any agricultural land, plantation house or farmhouse without permission from RBI. RBI has given permission to banks and other Housing Finance Companies to grant home loans to NRI's for the purpose of buying residential property in India. Yes you can sell the property after few years. If you sell the property after 3 years you will be liable for long term capital gains tax of 20%. If the property is sold withing 3 years of purchase, you will be liable for short term capital gain tax.
Harsha Mahipal


3

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