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FREQUENTLY ASKED 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).

Who is a PIO?

What is OCI?

Can NRIs buy real estate properties in India?

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

Can NRIs acquire commercial properties in India?

Can NRIs buy properties in India without the Reserve Bank’s permission?

Are there any formalities required to be completed by NRIs/PIOs for purchasing residential immovable property in India under the general permission?

What are the documents required for buying a property in India?

What are the kind of properties an NRI/PIO cannot buy?

Can NRIs acquire or dispose residential property by way of gift?

Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?

What is the loan sanction process and its documentation?

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

Does Capital Gains Tax (CGT) apply to NRI / PIO / OCI?

How does Double Taxation Avoidance Agreement work in case of NRIs?

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