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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.
If a resident of India wants to invest in a property abroad using money coming from a sale of property in India-then one has to pay capital gains tax first. Again my question was related to being a resident of India and not NRI who wants to do this-but I doubt the law would be any different for the two in this case.f your home in India is paid for, give it on rent. If you have zero equity/negative equity in the house in US. It makes no financial sense to do this. US residential mortgage is a non-recourse loan as per law i.e. it is a out of money call option.