I recently came across this query, can NRI buy agricultural land in Karnataka? No, Non-Resident Indians or NRIs are not permitted to buy agricultural land in Karnataka or elsewhere in India. The Foreign Exchange Management Act (FEMA) governs property transactions for NRIs.
It prohibits NRIs, Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs) from purchasing agricultural land, plantation land, or farmhouses in India, regardless of the state.
FEMA Regulations: FEMA only permits NRIs to purchase residential and commercial properties in India. Agricultural land, plantation land, and farmhouses are excluded.
Inheritance Exception: NRIs can legally acquire agricultural land if they inherit it from a family member, such as a parent or grandparent.
Permission from RBI: In rare cases, NRIs may apply to the Reserve Bank of India (RBI) for special permission to buy agricultural land, but such approvals are uncommon and reserved for unique cases.
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Can NRI Buy Agricultural Land in India
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Can NRI Buy Agricultural Land in Karnataka?
Obalesh9
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2024-10-30T22:12:20+00:00 2024-10-30T22:12:23+00:00Comment
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