Can a person resident outside India acquire immovable property in India

(e) any borrowing or lending in rupees in whatever form or by whatever name
called between a person resident in India and a person resident outside India;
(I> deposits between persons resident in India and persons resident outside India; (g) export, import or holding of currency or currency notes;
(h) transfer of immovable property outside India, other than a lease not exceeding
five years, by a person resident in India;
(i) acquisition or transfer of immovable property in India, other than a lease not
exceeding five years, by a person resident outside India;
(j) giving of a guarantee or surety in respect of any debt, obligation or other
liability incurred
(i) by a person resident in India and owed to a person resident outside India; or
(ii) by a person resident outside India.
Q 18. Can a person resident outside India acquire immovable property in India? Explain.
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Acquisition and Transfer of Immovable Property in India
Restrictions in respect of acquisition and transfer of immovable property in India by non-resident are covered in Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. These are:
(i) Acquisition and Transfer of property in India by an Indian Citizen Resident outside India. A person resident outside India who is a citizen of India may acquire any immovable property in India other than agricultural/plantation/farm house.
He can transfer any immovable property other than agricultural or plantation property or farm house to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India.
If asset is sold after three years, amount equivalent to foreign exchange brought in can be repatriated.
(ii) Acquisition and Transfer of Property in India by a Person of Indian origin (PIO). A person of Indian origin resident outside India may acquire immovable property other than agricultural land/farm house/plantation property in India by purchase, from out of funds received in India by way of inward remittance from any place outsi?e India or funds held in any non-resident account in India.
He can also acquire property by gift/ inheritance. It can be transferred to citizen of India. If asset is sold after three years, amount equivalent to foreign exchange bro:ught
in can be repatriated.
Citizens of Bangladesh, Pakistan, Sri Lanka, Afghanistan, China, Nepal, Iran or Bhutan cannot acquire immovable property without prior permission of Reserve Bank of India. However, he can acquire by lease for a period upto five years.
(iii) Acquisition of Immovable Property for Carrying on Business. A person resident outside India who has established in India a branch or place of business (but not a mere liaison office) in accordance with RBI regulations, can acquire any immov
able property in India, which is nec2ssary for or incidental to carrying on such activity. All applicable laws, rules, regulations or directions for the time being in force should