Can OCI sell agricultural land?

NRIs and OCIs can sell agricultural land, plantation property, or a farmhouse only to a Resident Indian. For the lands purchased with permissions from RBI, special approvals are required to complete sale transactions.

Do you need OCI to sell property India?

According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.

Can US citizen own agricultural land in India?

NRIs can only purchase commercial and residential properties in India. This also is subject to specific rules, and taxation applies to the purchase of property in India by NRIs. Regarding agricultural land, NRIs are NOT allowed to purchase agricultural land, farmland, farmhouses, or plantations in India.

Can NRI sell agricultural land in India?

NRIs can sell agricultural land, plantation property, or farmhouse property provided the buyer is a citizen of India and resides in India. If the NRIs have purchased such lands with permission from RBI, they require approval from RBI to complete a sale transaction. The sales proceeds can be remitted to an NRO account.

Can OCI holder hold agricultural land in India?

As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. However, they are not permitted to invest in farmland, plantation land, and agriculture land. But, they can inherit the agricultural land/plantation property/ farmland.

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.

Can you sell property without OCI card?

If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.

Can OCI holders own agricultural 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.

Can OCI sell inherited property in India?

Firstly, YES! An OCI can sell inherited property in India as they are given the similar benefits as an NRI. The taxation on the sale of property by OCIs is the same as it is for an NRI.