Q613. OCI Visa is NOT a mandatory requirement to own property in India

Question: Do NRI living abroad and having property in India must be OCI??? Can she will the property to NRI sister who is OCI? Atma Advani Answer: NRIs living abroad and having property in India can continue to hold their property in India even if they are not OCI Visa holders. Any person of Indian origin generally can buy and hold property in India without any prior permission of the RBI. Those who hold property in India, regardless of their NRI status, can do what ever they wish with their property. Basically, there are no restrictions on what you do with property you legally own in India. Even if you are not living in India and are an NRI, you can continue to keep your property, rent your property, sell your property or give your property to someone else by way of a will. From time to time rumors start and seem to catch on rapidly. The previous question #612 and your question appear to have the same concern!
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Q613. OCI Visa is NOT a

mandatory requirement to own

property in India

Question: Do NRI living abroad and having property in India must be OCI??? Can she will the property to NRI sister who is OCI? Atma Advani Answer: NRIs living abroad and having property in India can continue to hold their property in India even if they are not OCI Visa holders. Any person of Indian origin generally can buy and hold property in India without any prior permission of the RBI. Those who hold property in India, regardless of their NRI status, can do what ever they wish with their property. Basically, there are no restrictions on what you do with property you legally own in India. Even if you are not living in India and are an NRI, you can continue to keep your property, rent your property, sell your property or give your property to someone else by way of a will. From time to time rumors start and seem to catch on rapidly. The previous question #612 and your question appear to have the same concern!
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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