Home › CA Inter › corporatelaws › NRI Agricultural Land Restriction › An NRI may NOT acquire (without RBI permission):
An NRI may NOT acquire (without RBI permission):
AResidential or commercial property in India
BInherited residential property in India
CShares of an Indian listed company on the floor of a stock exchange
DAgricultural land, plantation property or farmhouse in India
Answer & Solution
Correct answer: D. Agricultural land, plantation property or farmhouse in India
1. FEMA's Acquisition and Transfer of Immovable Property Regulations bar acquisition of agricultural land, plantation property and farmhouses by NRIs/OCIs without specific RBI approval.
2. Inheritance is permitted as an exception.
3. Hence (B).
_Source: ICAI BoS CA Inter Paper 2 — FEMA 1999_