Que: Who is an NRI buyer?
Ans: An NRI is an Indian national or Person of Indian Origin (PIO) staying outside of India for an indefinite period of time. The purpose of stay could be employment, vacation, or business
Que: What are PIOs?
Ans: PIO or Person of Indian Origin means an individual (excluding citizens of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal or Bhutan), who at any time held an Indian passport, or who himself/herself or either of his/her parents, or either or any of his/her grandparents were a citizen of India according to the Indian Constitution
Que: Do NRIs require any consent from regulatory bodies to buy properties in India?
Ans: No, NRIs do not require any consent from any regulatory body to buy residential or commercial properties in India. However, NRIs cannot buy agricultural/ plantation land in India
Que: How many Maximum properties NRI can buy in India?
Ans: There is no limit to the number of properties that NRIs can purchase in India
Que: Can an NRI buy a property in India in partnership with someone else?
Ans: Yes, an NRI can buy a property in India in partnership with an Indian citizen/ NRI/ PIO. However, they cannot buy a property in partnership with any foreign citizen
Que: What are modes of payment?
Ans: NRIs/ PIOs can purchase a property through funds remitted through normal banking channels or through his/ her NRE/ FCNR (B)/ NRO account
Que: How income tax calculated for NRIs?
Ans: According to the Income Tax Act, if any buyer (Indian resident or NRI) owns more than one property, then only one will be assumed as self-occupied. On other properties, income tax will be levied on the rental income (actual or deemed). Hence, if an NRI owns more than one global property, then income tax will belevied on the Indian property, on the rental income of the Indian property (irrespective of whether the property is rented out or not.)