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Exchange Control Regulations Affecting the Acquisition of Residential
NRI means a person who is a citizen of India and has not been residing in India for more than 182 days during preceding financial year, or has gone out of India for the purpose of employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration.
Acquisition & transfer of property in India by an Indian citizen resid
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who has:
- Held an Indian Passport at any time, or
- Who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
Acquisition & transfer of property in India by a person of Indian origin residing outside India
A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who has:
- Held an Indian Passport at any time, or
- Who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955