Sale of Immovable Property by NRIs and PIOs in India

Overseas Indians willing to sell property in India can remit the
proceeds of the sale back to their home country, provided the
consideration received from the sale is not more than the amount
invested by him at the time of purchase. Moreover, the individual
can not transfer proceeds of more than two properties outside
the country.

Acquisition /Selling/Transfer of Property in India by
an Indian citizen resident outside India
A person resident outside India, but is still a citizen
of India, can

• acquire any residential or commercial
  property in India
• transfer any immovable property to a
  person resident in India
• transfer any immovable property other
  than agricultural/plantation property/farmhouse to a person
  resident outside India or to a person of Indian origin resident
  outside India

Acquisition / Transfer of Property in India by a Person
of Indian Origin

• A PIO can acquire immovable property
  as a gift or an inheritance from an Indian resident or an NRI
  or a PIO
• A PIO can acquire immovable property
  from a PIO who had acquired the property from a resident Indian
  who had, in turn, acquired it as per the foreign exchange laws
  prevailing at the time.
• A PIO can sell property to a resident
  Indian, including agricultural and farmland property
• A PIO can gift residential or commercial
  property to a resident Indian or to NRI or a PIO