1. An OCI Card Holder residing in India is not permitted to buy agricultural land in India.
2. However, an OCI Card Holder can inherit the agricultural/plantation property/farmland in India.
Hi, I am an OCI card holder residing in India. I have Aadhar card as I am residing in India. I've read the RBI guidelines on NRI/OCI living outside India not permitted to buy agricultural land in India. However, as a person residing in India, will I be allowed to buy an agricultural land? If yes, what formalities do I need to complete?
1. An OCI Card Holder residing in India is not permitted to buy agricultural land in India.
2. However, an OCI Card Holder can inherit the agricultural/plantation property/farmland in India.
1) iiOverseas Citizen of India (OCI) is a person resident outside India who is registered as an Overseas Citizen of India Cardholder under Section 7(A) of the Citizenship Act, 1955;
2) OCI cannot purchase agricultural land in India
3) You need RBI permission which would not be easily granted
4) You can visit RBI website for details regarding authority to be approached for purchase of agricultural land
Dear Sir/Ma'am,
1. you can purchase residential or commercial properties in India. an OCI cardholder cannot purchase agricultural land, including farmland or plantation property,
2. if you satisfy the condition under section 2(v) FEMMA, 1999 that is you are a person residing in India for a period of 182 days during the course of the preceding financial year and satisfy the conditions; you can buy the immovable property after obtaining approval from state government departments.
Thank you
A NRI/OCI is NRI/OCI his status will not change only because he is residing in India. The rules applicable to NRI/OCI residing out are applicable to NRI/OCI in India. You are not eligible to purchase agricultural land.
According to Foreign Exchange Management Act and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, both NRIs and OCIs aren't allowed to buy any agricultural land or plantation property or farmhouses in India by law unless they get a special permission from the .Reserve bank of India.
However, they may acquire such agricultural land through inheritance from a person residing in India
I am sorry you cannot buy land in India.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.
- As per Section 7(A) of the Citizenship Act, Overseas Citizen of India (OCI) is a person who is the resident outside India.
- Further , as per FEMA21/2000 RBI rules , an NRI or OCI/PIO cannot acquire agricultural land /farm house/plantation property in India.
- If you will purchase an agriculture land in Karnataka, then it will be a violation of FEMA laws , that can result in a penalty or even confutation of that property.
- Further, to purchase an agricultural property in India, an NRI has to take a prior approval from Reserve Bank of India, But you can acquire this property only by way of inheritance.
- Being an NRI , you are only allowed to purchase residential or commercial property in India.
- Yes, you can use money to purchase property in the name of your parent.
1. OCI card holders can purchase residential and commercial properties in India. However, they cannot purchase agricultural land, including farmland or any kind of plantation property without the prior permission of RBI. This embargo does not apply to transfer of agricultural land in India through a lease not exceeding five years.
2. You have to file an application to RBI to seek its leave to buy agricultural land.
- OCI cardholder cannot purchase agricultural/plantation property/farmland land in India.
- Having said hat, you can lease it for some years.
- If you are buying for agriculture for parents then you can buy on parents name.
If you are buying for investment purpose then you can purchase residential or commercial properties in India.
1. There are separate rules framed by different States in India in connection with buying of Agricultural properties in that State.
2. In Karnataka, you shall have to be, inter alia, an Agriculturist for buying an agricultural land where as you can buy the same in West Bengal even not being an Agriculturist.