Can agricultural land be gifted India?

Under the Foreign Exchange Management Act, 1999, there is no restriction on an NRI inheriting an agricultural land. However, if the property is an agricultural land, plantation property or a farmhouse, it can only be gifted to a citizen of India residing in India.

Can NRI inherit agricultural land in India?

A non-resident Indian (NRI) or person of Indian origin (PIO), can inherit any immovable property in India, whether it is residential or commercial. They can even inherit agricultural land or a farmhouse, which they are otherwise not entitled to acquire by way of purchase.

Can I gift agricultural land?

Agricultural land is Ancestral property which cannot be gifted without the consent of all legal heirs and co- parceners. A farmer is entitled to have agricultural land in his/her name transferred as Land ceiling Act.. 1. Agricultural property CANNOT be Sold /Gifted to a non-agriculturist, under any pretext.

How can I buy agricultural land in India?

Legal Tips For Buying Agricultural Land In India – A Complete…

1. Check the title deed of the agricultural land to verify the ownership.
2. Verify the documents and sign a land sale agreement.
3. Find out the Stamp duty on the land.
4. Required documents for the registration of the land.
5. Sale/Conveyance deed of the land.

Can NRI gift property to parents?

The gift of immovable property is allowed even to the NRI who is not a relative, however, in case of Income Tax Act, if the gift is without a consideration and to a non-relative, the receipt of the gift is taxable in the hands of the recipient where the stamp duty value would be the basis for computing deemed income.

Can NRI gift property to Indian residents?

Money/ liquid funds An NRI is allowed to receipt money as gift from a resident Indian under the Liberalized Remittance Scheme (“LRS”), within the limit of USD 250,000 in a financial year as prescribed therein. The donor and the recipient need not be close relatives.