Question: Can Nri Sell Agricultural Land In India?

Can I sell my agricultural land in India?

Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains. Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax.

Can parents of NRI buy agricultural land in India?

NRIs are not legally eligible to buy an agricultural land in India. An NRI cannot purchase any type of property in India without prior approval from RBI (Reserve Bank of India). Your parents can buy the agricultural land on their name, subject to the particular state laws on this.

Can OCI sell agricultural land in India?

A: OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property. However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.

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Can h1b holder buy agricultural land in India?

No. An NRI cannot buy agricultural land in India. As per the guidelines issued by Reserve Bank of India, an NRI or PIO can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties.

Is agricultural land sale taxable in India?

The agricultural land situated in rural area is not considered as capital assets under income tax laws. Since the agricultural land sold by you is situated in rural area and which is not treated as capital asset and any profit received on sale of such asset cannot be taxed as capital gains.

How much agricultural land Can a person own in India?

Maharashtra’s amendment – which abolished a limit of 54 acres on agricultural land holding for new townships by real estate projects – will benefit large corporate builders, said Arvind Goel of the Navi Mumbai chapter of the Confederation of Real Estate Developers Associations of India.

What will happens if NRI buy agricultural land in India?

Inheritance of Agricultural Land for NRI NRIs as well as OCIs can’t directly buy agricultural land, plantation property, or a farmhouse in India but they can inherit it from a Resident Indian. An NRI can even inherit such properties from other NRIs subject to certain regulations such as special permissions from RBI.

Can NRI get agricultural land gifts?

Can NRIs get agricultural land by gift? The answer to this, too, is no. NRIs cannot acquire agricultural land in India even by gift. While other types of properties can be acquired by the way of gift, this is not so for agricultural land.

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Is Section 194IA applicable to NRI?

To start with, Selling of property by NRI is taxable under u/s 195 of the Income Tax Act, 1961. Let me clarify most common confusion first, TDS of 1% u/s 194IA is not applicable if seller is NRI. TDS u/s 194IA is only applicable for resident Indian sellers.

Can OCI get Aadhar card?

Yes, OCI card holders can get an Aadhaar card if they have resided in India for a period of 182 days or more in one year immediately preceding the date of application for enrolment. Yes, according to the Aadhaar Act, 2016, every resident can apply for an Aadhaar number.

Can OCI holder sell property India?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

What is the difference between OCI and NRI?

An NRI can invest in residential/commercial properties but is not allowed to invest in agricultural or plantation property or a farmhouse. An OCI can invest in various financial investment opportunities available in India.

How do I get RBI permission to buy agricultural land?

All requests for acquisition of agricultural land/plantation property/ farm house by any person resident outside India or foreign nationals may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

Is agricultural land a good investment in India?

Is it worth buying agricultural land in India? Usually, agricultural land is considered a good investment for high net-worth individuals and for those with surplus income. For salaried or self-employed individuals, living in cities, going through all this process will be time-consuming and tiresome.

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Can you inherit agricultural land in India?

Under the exchange control law, non-resident Indians or foreign passport holders are prohibited from acquiring agricultural land in India. Assuming your brother is an OCI cardholder, and your father is a person resident in India, your brother may inherit agricultural land from your father.

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