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A NRI is a person resident outside India who is either a citizen of India or a person of Indian origin. A NRI is an Indian Citizen who has migrated to another Country. For all official purpose the Government of India considers Indian National away from India for more than 182 days, in a year.

A person of Indian origin means an individual
( not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan ) who:
i)  Held an Indian Passport at any time, or
ii) Who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the
    Citizenship Act, 1955.

There are no restrictions on the numbers of Residential/Commercial Properties ( other than Agricultural land/ Farm house / Plantation ) that can be purchased.

No. All Indian citizens are entitled to buy property in India, irrespective of their residential status

The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.

Currently there is no lock in period.

Yes. Reserve Bank of India has granted general permission for sale of such property to the following categories:- ?To a NRI ?To a PIO ( If the seller is a PIO, then a prior approval is required from RBI ) ?To a person Resident of India

Yes the sale proceeds can be remitted/repatriated out of India In the event property acquired out of foreign exchange source i.e. remittance through normal banking channels/ debit to NRE/ FCNR(B) accounts, the amounts to be repatriated should not exceed the amount paid for such property from such source. However, repatriation of sale proceeds purchased out of foreign exchange is restricted to not more that two residential properties, in a block of one year, with a facility of crediting the Capital gain to the NRO account. Again in the event the property was acquired out of Rupee source, an amount not exceeding USD one million, per financial year, subject to tax compliance, out of balance held in NRO account, may be remitted/repatriated.

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