Can US citizens own property in india?
I used to be an indian citizen and recently became a US citizen. I still have some properties in India that I own. Is there any rule or law that pose a problem for me to continue to own the properties in India? If I want to sell it in the future, am I going to have any issues or additional taxes? If yes, then I am thinking of becoming a dual citizen. Any information that anyone can provide on this is greatly appreciated. Thanks.
Answers:
Yes, but there are limits.
"Overseas Investors: NRI´s holding an Indian passport do not require prior permission of Reserve Bank of India to buy residential. The RBI also permits NRI´s holding a foreign passport, to acquire, hold, transfer or dispose off by way of sale or inheritance, immovable properties situated in India as long as they are destined for residential use..Essentially there are no barriers to foreign ownership of property."
The US does not recognize dual citizenship. I don't know about taxes but any amount put in a US bank over 10 grand has to be explained.
The answers post by the user, for information only, FreeLawAnswer.com does not guarantee the right.
Answer question:
More Law Questions and Answers: