Inheriting Farmlands and Agriculture Property in India by NRIs & OCIs

NRIs and OCIs can inherit agricultural land and property in India, subject to certain conditions and regulations. The regulations related to ownership and inheritance of agricultural land and property are governed by state laws and can vary from state to state. Here are some important points to keep in mind regarding inheriting agricultural land and property in India by NRIs and OCIs:

  1. Eligibility: NRIs and OCIs are eligible to inherit agricultural land and property in India.
  2. State laws: The regulations related to ownership and inheritance of agricultural land and property are governed by state laws and can vary from state to state. NRIs and OCIs must comply with the laws and regulations of the state where the property is located.
  3. Transfer: NRIs and OCIs can transfer the inherited agricultural land and property to another person who is eligible to hold the property. However, they may have to seek permission from the relevant authorities before transferring the property.
  4. Repatriation: NRIs and OCIs can repatriate the sale proceeds of the inherited agricultural land and property, subject to certain limits and conditions. The repatriation limit for NRIs and OCIs is USD 1 million per financial year. NRIs and OCIs must also comply with the regulations related to remittance of funds from India to the host country.
  5. Taxation: NRIs and OCIs must comply with the tax laws of India related to inheritance of agricultural land and property. They may also have to pay tax on the income earned from the agricultural land and property in India.

It is important for NRIs and OCIs to understand the regulations and guidelines related to inheriting agricultural land and property in India before making any investment. They should consult with legal and financial experts to ensure compliance with the laws and regulations of the relevant state and the country of their residence.

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