Q: Can NRIs buy property in India? – Harshwardhan
A: Buying properties in India by Non Resident Indians comes under the purview of the Foreign Exchange Management Act (FEMA). NRIs are allowed to buy and sell residential and commercial properties in India. However, NRIs are not allowed to buy agriculture land or farmhouse in India.
The buying and selling transactions by NRIs should be made through banking channels only. NRIs are also allowed to get a home loan for buying a property in India. They can earn rental income from their properties in the country and are allowed to take such income to a foreign country after paying applicable taxes on it.
There is no threshold limit set for NRIs to acquire property in India.
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