New Delhi, May 15 -- Non-Resident Indians (NRIs) can buy and sell property in India, but such transactions are governed by the Foreign Exchange Management Act (FEMA), Reserve Bank of India (RBI) regulations and income tax laws. The type of property, mode of payment, repatriation limits and tax deductions may vary depending on whether the transaction involves residential or commercial property.

NRIs are only allowed to purchase residential and commercial properties in India. Meanwhile, restrictions apply to agricultural land, plantation property and farmhouses in the country. Such restricted properties can, however, be acquired by NRIs through inheritance or as a gift, subject to applicable legal provisions.

A person resident outside Ind...