FAQ

Having Some Confusions?

Frequently Asked Questions

Having some NRI related questions?

Who is a Non-Resident Indian (NRI)?

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).

Is there any restriction on the number of properties NRIs can buy in India?

There is no restriction on the number of residential or commercial properties an NRI can own in India. However the law restricts NRIs from purchasing any kind of agricultural land/ plantation property/ farm house in India.

Can NRIs buy real estate properties in India?

Yes. NRIs can buy and sell residential and commercial properties in India.

Can NRIs open account jointly with residents?

Yes. NRIs can open Non-Resident accounts jointly with residents provided first name account holder is an NRI on former or survivor basis.

Can NRIs maintain multiple accounts with different banks in India simultaneously?

Yes, NRIs can maintain any number of accounts with any number of banks in India.

What is the Tax treatment for income generated from property selling or renting for NRI/PIO/OCI?

The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains (short term or long term) arising on the sale of this house or part thereof is taxable in the hands of the owner.

Can NRIs open account jointly with residents?

Yes. NRIs can open Non-Resident accounts jointly with residents provided first name account holder is an NRI on former or survivor basis.

Is there any restriction on the number of properties NRIs can buy in India?

There is no restriction on the number of residential or commercial properties an NRI can own in India. However the law restricts NRIs from purchasing.

Can NRIs buy real estate properties in India?

Yes. NRIs can buy and sell residential and commercial properties in India.

Can NRI or PIO buy property in India jointly with foreign citizen?

No, an NRI or a PIO cannot buy a property in India jointly with a foreign citizen.

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