1 min read.Updated: 15 Feb 2022, 06:21 AM ISTSonu Iyer
Under the exchange control law, non-resident Indians or foreign passport holders are prohibited to acquire agricultural land in India
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I am an Overseas Citizen Of India (OCI) cardholder and received a few acres of agricultural land from my parents who are Indian residents/citizens. Can I hold this property and pass it on to my two children (one was born in India and the other in the US) who are US citizens and OCI cardholders? Can they retain this property for their lifetime if they want it? If I sell this property, how should I report this sale in my US tax returns? Also, do I need to pay any tax in India from the sale?