Acquisition- With respect to agricultural land/plantation property/farm house in India, NRI or OCI can neither acquire from anyone (even jointly or in the name of other person by transferring money to him) nor receive by way of gift. However, he can acquire by inheritance from a) Indian resident or b) resident outside India who acquired it in accordance with law.
Transfer – Can transfer (or gift) to any person resident in India only. Sale proceeds needs to be deposited to his NRO account and can be repatriated (after paying applicable taxes*) by NRI up to US$1mn per Financial Year.
Source: Master Direction – Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999
* Under Income tax act, no capital gain tax arises on transfer of rural agricultural land in India. However, transfer of Urban agricultural land is subject to capital gain tax.