Can an Indian Citizen Buy Property In Abroad?
Indian Citizen Buy Property In Abroad- In order to invest in real estate in a foreign country, there are a number of rules that must be followed. Real estate has developed into a fantastic technique to quickly increase the value of an asset. Because of this, high-net-worth individuals in India have started to invest heavily in international real estate. That raises a lot of questions. What does the law say regarding real estate purchases made by Indians outside of India? Can Indians purchase real estate abroad? If so, how does it affect taxes in India & abroad? We look for responses to these questions.
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Can an Indian purchase a home outside of the county?
An Indian is free to purchase real estate in India as long as they follow the rules already in place.
Purchase of real estate from a fellow Indian citizen
A resident Indian may inherit, receive a gift, or purchase property from another resident Indian who has acquired the property in accordance with the regulations governing foreign exchange.
Purchasing a property from a non-resident
A resident Indian may also inherit real estate from a non-resident Indian or purchase real estate from a non-Indian resident using foreign cash stored in an RFC (resident foreign currency) account.
In this case, they can also purchase a house using remittances sent under the Reserve Bank of India’s Liberalized Remittance Scheme (LRS). An Indian resident who participates in the programme may send up to $250,000 abroad in a fiscal year.
Jointly with family members buy a property
Along with a relative who is a foreign national, Indians can invest in real estate abroad.
Buying a property with money from the sale of another
Indian citizens may also purchase real estate abroad using their income or asset sale proceeds. The freedom, however, does not apply to income from accounts used for overseas direct investments (ODI).
Can Indian businesses purchase real estate abroad?
Existing regulations also permit Indian businesses with abroad branches to purchase real estate outside of India for the staff’s home and commercial needs.
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