Which section of Direct Taxes says that NRI is not eligible to invest in Immovable in India, any logic in it !

Question

I understand that NRIs are not eligible to invest in immovable properties in India in their own names. I would like to know any logical reasons behind it

Answer 1

where did you get thin information...you can invest in immovable properties: An Indian Citizen who stays abroad for employment/ carrying on business or occupation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Persons posted in UN organizations and officials deputed abroad by Central/State Governments and public Sector undertakings on temporary assignments are also treated as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs) for the purpose of certain facilities.

The Reserve Bank of India has allowed NRIs to use their foreign currency assets which have been earned and accumulated by them lawfully while they were resident outside India. The RBI has granted general exemption to them from the requirement of surrendering foreign exchange and income there on, in any currency (other than the currency of Nepal or Bhutan): -

acquired by them lawfully i.e. without contravention of FERA, 1973, while they were resident outside India, and/or through employment, business or vocation outside India, taken up or commenced while they were residing outside India provided that they were resident outside India for a continuous period of

not less than one year.

Answer 2

No, I guess. A Non-resident cannot represent a country unless he has stayed in that county for 188 days in four consecutive years immediately before representing the country. That is, if an Indian wants to play for England, he will have to stop playing for India, get the citizenship of England (if he does not have one) stay in England for 188 days (it is not necessary, that these 188 days should be continuous), in the next 4 years, before he could be selected for England. This applies for only a player who has represented a full member country (or a country with test status)

Answer 3

There is nos uch provision in the Income tax Act or any other direct tax laws