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Pratmit85 (Engineer) 02 September 2024

Impact of property ownership after taking foreign nationality

Hello, I have a question regarding property (Flat/Apartment) ownership rights and status after taking a different nationality -

If I take foreign nationality and become an OCI passport holder, will there be any impact on the ownership of my immovable property (Flat) in India?
On my property deed, it is mentioned that I'm an “Indian national” in my personal details section. So, do I have to get my sale deed updated after taking a different nationality?
Will there be any impact on my Mutation and property tax amount?

Thanks for your help in advance!

Learning

6 Replies

T. Kalaiselvan, Advocate (Advocate) 02 September 2024

At the time of purchase of the property you were an Indian citizen hence there was no misleading or false information provided at that time.

Do not go for any change in the sale deed or mutation records on any misguidance, you better remain silent on this subject because the status is safe and secured.

P. Venu (Advocate) 02 September 2024

Why "if"? Is this not a real query?

kavksatyanarayana (subregistrar/supdt.(retired)) 02 September 2024

Yes, If indicates not real it may done in future or not.

Pratmit85 (Engineer) 03 September 2024

Thanks Mr. Kalaiselvan for your reply. Could you answer my first question as well - After change in nationality, is there any impact on the ownership of immovable property (flat) in India? Thanks in advance..

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 03 September 2024

As an OCI (Overseas Citizen of India) cardholder, you are entitled to hold immovable property in India, but there are certain restrictions and implications to consider: 1. *OCI cardholders can inherit and hold property*: You can inherit property from your ancestors or relatives, and you can also purchase property in India. 2. *Restrictions on property ownership*: While OCI cardholders can own property, there are certain restrictions: - You cannot own agricultural land or plantations. - You cannot own property in certain sensitive areas, like border regions or sensitive ecological zones. - You may need approval from the Reserve Bank of India (RBI) to purchase property. 3. *Reporting requirements*: As an OCI cardholder, you may need to report your property ownership to the RBI and other authorities. 4. *Tax implications*: As a foreign national, you may be subject to taxes in your country of residence, and also in India. You should consult a tax professional to understand your tax obligations. 5. *Inheritance and succession*: As an OCI cardholder, your property in India will be governed by Indian succession laws. 6. *Foreign nationality and property ownership*: If you acquire foreign nationality, it may impact your property ownership in India. Some countries have restrictions on their citizens owning property abroad. It's essential to consult with a lawyer specializing in property and immigration law to understand the specific implications of your situation. Additionally, you should also consult with a tax professional to understand your tax obligations.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 06 September 2024

Change of nationality has no impact on your ownership status. It may impact your tax (I mean income tax) status.

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