Which property can be bought in India by NRI?
Though RBI has given general permission to the NRIs to purchase immovable properties in India, the permission does not grant power to acquire any and every property in India. The NRIs are allowed to purchase only residential or commercial property. So NRIs cannot purchase any agricultural land or plantation property.
How can you repatriate the sale consideration to the country in which the NRI is residing?
Repatriation of sale proceeds can happen after three years from the date of finalization of purchase deed or after the last and final installment of consideration is paid, WHICHEVER IS LATER.
Can an NRI or PIO transfer his residential property by way of sale?
Yes, as per RBI guidelines, an NRI/PIO can acquire a residential property in India by a way of gift from an Indian, NRI, or simply purchase it. Thus, it can easily be transferred.
Can a residential property acquired by an NRI be given out on rent for immediate use?
Yes, an NRI can give his property out on rent. The money can be repatriated by him after deducting TDS at 30%.