You had the wings to fly, and now your roots are pulling you back? Every individual feels the urge to come home once in their lifetime so strong that they try all ways and means to fulfill that wish. Bengalis residing abroad are always looking forward to investing in a property in Kolkata for future use. However, countries and continents apart, old age and religion may not keep you from getting what you want, but the law can. Property acquisition for non-residential Indians has certain constraints.
The RBI does not prohibit any NRI from purchasing or owning a residential or commercial property in India. Although the NRIs are free to purchase or inherit a property in India, they cannot buy any agricultural land or plantation property without special permissions.
The Foreign Exchange Management Act (FEMA) has laid down few rules and regulations for the NRIs and Persons of India Origins (PIOs) interested in acquiring property in India. Every NRI or PIO shall be treated at par for investing in real estate property.
So you are looking forward to jointly owning your property in Kolkata with someone? As an NRI you can do that too. The Government of India allows an NRI or a PIO to jointly own a property in India. Your second holder has to fulfill the following criteria:
It may happen that an individual, who is a resident of India has invested in a real estate property and has later attained citizenship of another country where he or she has started residing becoming an NRI in the process. In such situations too, one shall continue to be the owner of the property irrespective of his or her duration of stay in the country. In this case, a person owning an agricultural land or a farmhouse shall also remain the owner of the same. They are also free to rent, sell, transfer or gift their property to an Indian or an NRI post all taxes have been paid on time.
Certain real estate builders in Kolkata can also give proper guidance regarding the legal aspects and tax issues too before purchasing any property in Kolkata. For more details, contact Realtech Nirman.