Oci acquiring property through inheritance
Vinu
(Querist) 22 August 2015
This query is : Resolved
Dear Sir,
From 2005 - 2015, I was an NRI holding Indian passport but residing abroad.
From 2015 I became foreign national then converted to OCI (overseas citizen of India)
My question is: I bought properties in India from 2005 - 2014, in my fathers name as I can't visit India every time for property registration. All the money transfer went from Indian resident account to my fathers account by INR transfer. Also we bought both agri and commercial lands. Now my father wants to transfer all the properties to me. But I understood only by inheritance I can acquire agri land after becoming OCI. Could you clarify what type of transfer my father need to execute to transfer the properties to me?
Thanks & Regards
AV
Advocate/CS Sanjeev Kataria
(Expert) 24 August 2015
your case falls under the category of Foreign Exchange Management Act, the property can be transferred by your father through any of the mode. Consult your local lawyer.
