Over the years, Non-resident Indians (NRIs) have invested substantial sums into Indian real estate either purely from investment perspective or due to an emotional attachment to their country of origin.
Either way, the Indian government sees this as an important source of fund inflows into the country.
And, to make real estate buying even more attractive, the government offers multiple benefits to NRIs by way of tax exemptions etc. To start with, the term NRI is legally defined under the Foreign Exchange Management Act (FEMA), 1999 and the Income Tax Act, 1961.
