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Best Answer: You can buy a property in India however not agricultural or plantation properties. Once you hold a British passport you are required to renounce your Indian citizenship since your country does not allow dual citizenship.
However, you can withdraw up to $10,000 penalty-free over your lifetime to buy or build a first home for yourself, your spouse, your kids, your grandchildren or even your parents. If you're married, your spouse can also withdraw up to $10,000 from his or her IRA penalty-free toward the purchase.ow to Tap an IRA for a Home Purchase. You can withdraw up to $10,000 penalty-free to buy or build a first home, but make sure you know the rules. By Kimberly LankfordSee my bio, plus links to all my recent stories. , July 13, 2009.