The prohibition of a resident acquiring property outside India is not applicable if:
a. The resident is a foreign national; or
b. The property was acquired before July 8, 1947 and continued to be held after obtaining permission; or
c. If it is acquired on a lease not exceeding five years
Immovable property can be acquired outside India:
a. Under section 6(4) of FEMA.
b. As an inheritance/ gift from a person (i) referred to in sec 6(4) of FEMA; or (ii) who has acquired it prior to July 8, 1947 (iii) who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition.
c. Purchased with balances in the Resident Foreign Currency (RFC) account of the resident.
d. As a gift from persons at (b) & (c) above, provided he is a relative of such persons.
e. Purchased with remittances made under the Liberalised Remittance Scheme (LRS).
f. Jointly with a relative provided there are no outflow of funds from India.
g. By an Indian company having overseas offices, for housing its business or for residence of staff.