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Sayed Maqsood Ahmed   03 January 2022

selling of plot in India by OIC

dear Sir
I am OIC n wants to sell NA plot in India which I purchased when I was Indian citizen.
can I sell my plot now and what docs are required
kindly advice soon
sayed


Learning

 2 Replies

Megha   05 January 2022

Hi Sayed,

PLease note the following in relattion to sale of immovable property by an OCI holder in India.

Transfer of property by a non-resident/ person of Indian origin/ Overseas Citizen of India (OCI) is governed as per the provisions laid out in the Foreign Exchnage Management Act, 1999 (FEMA).

Section 6(5) of FEMA states that a person resident outside India may hold, own, transfer or invest in any immovable property situated in India if such property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.  Further, it has also been clarified that prior approval of RBI is not required for acquisition/ transfer of immovable property (being a non agricultural land) in India by an OCI.

However, prior approval of the Reserve Bank Of India (RBI) shall be required for remittance of proceeds on account of transfer of property acquired under section 6(5) of FEMA.
  
The following documents maybe required to be submitted:

Passport
OCI Card
Registered sale deed
Proof of payment of taxes on capital gains on sale

Best regards,
Megha

Sayed Maqsood Ahmed   05 January 2022

Many thanks  Mega for the valuable information 

Best regards 

Sayed


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