Hi All,
As I understand NRI can not buy agriculture land in India.
When an NRI (who stayed long time ouside) permanently returns to India for emploment in India, he/she is treated as a NRI or Resident but Not Ordinary Resident (RNOR) for 2 more years. Is this correct? Can the NRI or RNOR buy agriculture land in those 2 years? If yes, how early after the return he/she can buy the agriculture land?
Just a related question: Is the agriculture land comes under income tax and wealth tax?
Best Regards,
Raju.
CAclubindia
