Why Goa
Can individuals buy agricultural property? What are the legal issues involved in the same?
Only agriculturist can buy agricultural property. NRIs/foreigners are specifically debarred from buying such property.
Finance and Legalities
Are NRIs/foreigners permitted to own property in India?
Foreigners are permitted to own property in Goa and India, however there are certain categories like agricultural land, land for housing project etc., wherein foreigners are specifically not entitled to own property
Can individuals buy agricultural property? What are the legal issues involved in the same?
Only agriculturists can buy agricultural property. Foreigners are specifically debarred from purchasing such property.
Are different tax laws/implications applicable to NRIs/foreigners compared to resident Indians?
The following laws would apply to people purchasing property the following
- Income-tax Act
- Gift-tax Act
- Transfer of Property Act
- FEMA
The implications on a potential investor would depend upon the facts of each of case.
