An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.
Can NRI sell property in India RBI permission?
Any sale or gift of a property by a foreigner without prior permission of the RBI would be illegal, the Supreme Court has ruled.
Can NRI sell property in India without PAN card?
“An NRI must get a PAN for making the sale of property as after sale of property, it will be required to apply for Tax Exemption Certificate under section 197. If he does not have a PAN, he can apply for one by sending the signed application along with copies of ID and address proof documents,” says Shah.
Can NRI sell property to another NRI?
First of all, NRIs cannot sell their agricultural land, plantation property or farmhouse to another NRI or Person of Indian Origin (PIO). However, residential or commercial property can be sold to a person residing in India, another NRI or a PIO.
Can NRI sell property jointly with resident Indian?
There are no specific guidelines under FEMA for purchase of property by NRI jointly with resident Indians. An NRI is allowed to sell or gift any immovable property to any resident Indian. Any property can be gifted to NRI by an NRI other than agricultural property, plantation or a farmhouse.
Can NRIs buy residential plot in India?
As an NRI you will not need any special permission to buy an immovable property. However, while you can buy residential or commercial property you cannot purchase agricultural plots, farmhouses or plantations.
Can a NRI buy property in India FEMA?
According to FEMA, an NRI is a citizen of India who is resident outside India. … Exception: An NRI however cannot buy agricultural land, plantation land or a farm house in India. He cannot even acquire such property as a gift. There is however, no bar on inheriting such property.
Can NRI selling property in India with power of attorney?
“A Power of Attorney (POA) plays a significant role in the real estate dealings of the Non-Resident Indians (NRIs). As per the Registration Act, 1908, whenever an NRI sells or purchases a house property, both parties must be present physically while registering the transaction.
Is Aadhaar mandatory for selling property?
Aadhaar is accepted as a identity proof for property registration and land mutation. However, no provision in the law makes it binding on the buyer to provide his unique identification number for these purposes. … If the verdict goes in favour of the petition, Aadhaar would become mandatory to register property.
What is required to sell a property in India?
Sale deed is important as it traces the ownership of the property. It is necessary to prove the chain of previous agreements with past owners. Seller also needs to have a copy of the approved building plan and occupation certificate issued by the competent authority.
How can I avoid tax on property sale in India?
Exemptions from your Gains that Save Tax Section 54F (applicable in case its a long term capital asset)
- Purchase one house within 1 year before the date of transfer or 2 years after that.
- Construct one house within 3 years after the date of transfer.
- You do not sell this house within 3 years of purchase or construction.
Do NRI pay capital gains tax?
NRIs are subject to TDS at the applicable rates on capital gains earned at the highest tax rates, irrespective of any threshold value. The rate of TDS is 10 per cent on the equity-related capital gains and 20 per cent post indexation for other than equity investments.
How can NRI avoid TDS on property sale?
Reduce your TDS Liability by filing application in Form 13
To reduce the TDS on Sale of Property by NRI, the NRI is required to file an application in Form 13 with the Income Tax Department for issuance of Certificate for Nil/ Lower Deduction of TDS.
Do NRI pay TDS on property?
If an NRI is selling property in India, the buyer is required to deduct TDS at the rate of 20% in case of long-term capital gains. However, if the property is sold before two years, TDS shall be deducted at the rate of 30% as a short-term capital gains tax.
Is NRI eligible for Aadhar card?
NRIs with Indian passport need not complete mandatory waiting of 182 days to apply for Aadhaar, UIDAI said in a tweet. Non-Resident Indians (NRIs) need not wait for 182 days. … NRIs with valid #Indian #passport may apply for #Aadhaar on arrival.
Can US citizen hold property in India?
The law gives general permission to citizens of US to buy immovable property in India. Yes, this permission is available only for buying residential or commercial property. It does not apply to buying or selling of agricultural land, plantation property or a farmhouse in India.