US Citizen owning property in India

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pande2001

Registered Users (C)
Hi there -

I will be a US citizen sometime in December 2004. Currently I am a citizen of India. I own agriculture land and urban property in India. Would becoming a US citizen affect my current ownership of property in India in anyway? I am aware that currently there is no such thing as being a dual citizen of US and India.

Thanks in advance for your responses.

Pande.
 
pande2001 said:
Hi there -

I will be a US citizen sometime in December 2004. Currently I am a citizen of India. I own agriculture land and urban property in India. Would becoming a US citizen affect my current ownership of property in India in anyway? I am aware that currently there is no such thing as being a dual citizen of US and India.

Thanks in advance for your responses.

Pande.
Click to expand...

Not with Dual citizenship.
 
You will be able to retain that property by obtaining a Indian PIO Card as soon as you become a US Citizen.
 
Go to any Indian cosulate site in US and checkout the benifits of PIO card holder because I remember reading that PIO card holders cannot own the aggriculture land in India though they can own commercial properties.
Just pray for dual citizenship to get through :)
 
Kind_SD said:
Go to any Indian cosulate site in US and checkout the benifits of PIO card holder because I remember reading that PIO card holders cannot own the aggriculture land in India though they can own commercial properties.
Just pray for dual citizenship to get through :)
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I do not think Dual citizenship offers anymore benefits than a PIO when it comes to owning agricultural and/or plantation properties. One of the questions that is unclear is - what happens if you inherit agricultural / plantation property once you become a USC?
 
Per RBI website, If you aquired the agriculture land when you were an Indian citizen You may continue to hold agriculture/farm land even after bocoming US citizen.

Please visit this website for more Q & A

http://www.rbi.org.in/index.dll/550...e=07/16/04&s1secid=0&s2secid=0&secid=20/0/0#8


Here is the information from RBI website. I hope this helps.

Q.46. Can NRI who had acquired immovable property viz., residential/commercial property/agricultural land/plantation property/farm house in India while he was a person resident in India continue to hold or transfer such immovable property? In which account the sale proceeds may be credited?


A.46. Yes, under the provisions of Section 6 (5) of the Foreign Exchange Management Act, 1999 NRI who had acquired immovable property in India while he was a person resident in India may continue to hold such property. Under the general permission available he may transfer by way of sale or gift agricultural land/plantation property/farm house in India to a person resident in India who is a citizen of India and may transfer by way of sale or gift residential/commercial property in India to a person resident in India or to a NRI/PIO. The sale proceeds may be credited to NRO account.


Q.47. Can a PIO who had acquired immovable property viz., residential/commercial property/agricultural land/plantation property/farm house in India while he was a person resident in India continue to hold or transfer such immovable property? In which account the sale proceeds may be credited?


A.47. Yes, under the provisions of Section 6 (5) of the Foreign Exchange Management Act, 1999, PIO who had acquired immovable property in India while he was a person resident in India may continue to hold such property. Under the general permission available he may transfer agricultural land/plantation property/farm house in India by way of sale or gift to a person resident in India who is a citizen of India and residential/commercial property in India by way of sale to a person resident in India and way of gift residential/commercial property in India to to a person resident in India or to a NRI/PIO. However, if a PIO is a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan he should seek prior approval of Reserve Bank for transfer of such immovable property in India. The sale proceeds may be credited to NRO account
 
owning agriculture land after becoming US citizen

Thanks for the clarification. I have a question related to this. In the quote below, RBI says "when you were a resident of India" does this include NRI who is not a resident when he acquired the farm land?

Also, this thread was posted in 2004, do you know if there are any changes to this now or it still states the same? I am palnning to take US citizenship soon and this would help me decide.

Thanks
Javangulas

rbcool said:
Per RBI website, If you aquired the agriculture land when you were an Indian citizen You may continue to hold agriculture/farm land even after bocoming US citizen.

Please visit this website for more Q & A

http://www.rbi.org.in/index.dll/550...e=07/16/04&s1secid=0&s2secid=0&secid=20/0/0#8


Here is the information from RBI website. I hope this helps.

Q.46. Can NRI who had acquired immovable property viz., residential/commercial property/agricultural land/plantation property/farm house in India while he was a person resident in India continue to hold or transfer such immovable property? In which account the sale proceeds may be credited?


A.46. Yes, under the provisions of Section 6 (5) of the Foreign Exchange Management Act, 1999 NRI who had acquired immovable property in India while he was a person resident in India may continue to hold such property. Under the general permission available he may transfer by way of sale or gift agricultural land/plantation property/farm house in India to a person resident in India who is a citizen of India and may transfer by way of sale or gift residential/commercial property in India to a person resident in India or to a NRI/PIO. The sale proceeds may be credited to NRO account.


Q.47. Can a PIO who had acquired immovable property viz., residential/commercial property/agricultural land/plantation property/farm house in India while he was a person resident in India continue to hold or transfer such immovable property? In which account the sale proceeds may be credited?


A.47. Yes, under the provisions of Section 6 (5) of the Foreign Exchange Management Act, 1999, PIO who had acquired immovable property in India while he was a person resident in India may continue to hold such property. Under the general permission available he may transfer agricultural land/plantation property/farm house in India by way of sale or gift to a person resident in India who is a citizen of India and residential/commercial property in India by way of sale to a person resident in India and way of gift residential/commercial property in India to to a person resident in India or to a NRI/PIO. However, if a PIO is a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan he should seek prior approval of Reserve Bank for transfer of such immovable property in India. The sale proceeds may be credited to NRO account
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Us citizen - not yet pio - can I buy villa in India?

I have become us citizen recently. I had to come to india urgently and due to lack of time I could not apply for poi/ dual citizen. I came here on entry visa.

I am in the process of buying a villa in vizag and wondering if there are limitations or proceedures I need to follow.


Thanks a lot!
 
Aquiring agricultural land from parents

I am a US citizen and currently living in the US and have OCI. My parents currently live in India.My father has an agricultural land and now he wants to give that land to me as an settlement.
My question here is
1. Is this settlement is valid? because per OCI i cannot own an agricultural land

Please help me to find answer.

Thanks,
Mahaa
 
mahaa said:
I am a US citizen and currently living in the US and have OCI. My parents currently live in India.My father has an agricultural land and now he wants to give that land to me as an settlement.
My question here is
1. Is this settlement is valid? because per OCI i cannot own an agricultural land

Please help me to find answer.

Thanks,
Mahaa
Click to expand...

You can receive agricultural land only as inheritance, not as a gift. This means that in your father's lifetime, he cannot gift it to you. It can pass on to you only after his death.
 
It can be probably done any time

nkm-oct23 said:
You can receive agricultural land only as inheritance, not as a gift. This means that in your father's lifetime, he cannot gift it to you. It can pass on to you only after his death.
Click to expand...

As far as I know you can inherit property any time from your family. Property can be given to son or daugher any time in inheritance or in partition (If more sons/daughters are diving property)

Some one with more detailed knowledge for Hindu Family law can probably shed more light, In India I understand property inheritance laws are different for citizens with different religion (looks strange but that is what it is mostly)
 
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