Non-resident Indians (NRIs) are permitted to inherit agricultural land from family. But, can a NRI buy agricultural land in India? NRIs are not allowed to buy agricultural land in India directly under the Foreign Exchange Management Act (FEMA) 2000. In terms of inheritance, although RBI approval is normally not needed, inheritance must be notified to the RBI within a certain time frame. Only Indian people living in India are eligible to purchase inherited agricultural land from NRIs.
NRI can Purchase Agricultural Land in India?
If an NRI wants to buy agricultural land, they need to ask the RBI for special permission. This procedure entails:
Approval Requirement: Before purchasing any agricultural land, NRIs must obtain RBI clearance.
Justification of Purpose: The purchase must have a clear purpose and be meant for actual agricultural use.
Regulatory Compliance: The RBI assesses the NRI's proposed agricultural activity, citizenship status, and compliance with regional land ownership regulations.
Penalties for not obtaining the required authorisation may include fines and the confiscation of land.
Seek Assistance in NRI Property Buying, Registration, & Legal Matters via NoBroker NRI Services!
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Hi,
If you are wondering, how can NRI buy agricultural land in India, I’d like to say that a farmhouse, plantation, or agricultural land in India cannot be directly purchased by an NRI, but they can inherit it from an Indian resident.
Subject to certain restrictions, such as obtaining special permission from the Reserve Bank of India, NRIs are also permitted to inherit such properties from other NRIs.
Get all legal documents verified by NoBrokerRead More:
Can NRI Buy Agricultural Land in India?
How can an NRI get agriculture land?
Singray
189 Views
2
2 Year
2023-11-13T08:41:10+00:00 2023-11-16T16:00:07+00:00Comment
Share