PIO does not require any permission to transfer any immovable property in India other than agricultural land/farm house/plantation property, by way of sale to a person resident in India.
Hi, We are in consideration of buying a residential property with two owners of Indian Origin(sisters) Owner 1 is an Australian citizen and is PIO with OCI Card Owner 2 is a srilankan citizen and is PIO with OCI card Do we need RBI letter for purchase of property from Owner 2 (as she is Srilankan Citizen?) What are the implications for the same?
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PIO does not require any permission to transfer any immovable property in India other than agricultural land/farm house/plantation property, by way of sale to a person resident in India.
For residential property you don't need any rbi letter as oci is legally Permissible to buy the same
The vendor 2 being a Sri Lankan citizen does not call for any specific RBI clearance. As both hold OCI cards, you may go ahead.
You don't have to obtain permission from RBI for buying the property in India being a resident India, even though the sellers are foreign citizens of Indian origin.
Don't get confused thinking about impracticable things, if you have any doubt about the genuineness of the property, you may better obtain a proper legal opinion from a local lawyer and proceed only when recommended.