Master Direction – Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999

Question 1

As per section 6(5) of FEMA, a person resident outside India can hold, own, transfer or invest in any immovable property situated in India if ……….

Answer 1

such property was acquired, held or owned by him/ her when he/ she was resident in India or inherited from a person resident in India

Question 2

NRI or OCI can acquire by way of purchase or gift or inheritance any immovable property in india other than …………………………………………….

Answer 2

agricultural land or plantation property or farmhouse

Question 3

If the spouse is a resident outside India (but not a NRI or OCI) can acquire jointly, provided their marriage has been continuously subsisted for at least ……………… immediately before acquiring.

Answer 3

2 years

Question 4

Who are Long Term Visa (LTV) holders in India?

Answer 4

A person being a citizen of Afghanistan, Bangladesh or Pakistan belonging to minority communities in those countries viz., Hindus, Sikhs, Jains, Buddhists, Parsis and Christians, who is residing in India and has been granted a Long-Term Visa (LTV) by the Central Government

Question 5

can LTV holder purchase immovable property in India

Answer 5

Yes, Only one residential immovable property in India as dwelling unit for self-occupation and only one immovable property for self-employment.

Question 6

Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong and Democratic People’s Republic of Korea cannot, without prior permission of the Reserve Bank, acquire or transfer immovable property in India, other than ……………

Answer 6

on lease, not exceeding five years