Quick Answer: Can NRI buy property in India without physically present?

For those NRIs who can’t be physically present in India to buy property, there is such a thing known as Power of Attorney or POA. This means that you as an NRI can choose someone close to you such as a trusted relative, friend or even colleague and allow them (legally) to complete the transaction on your behalf.

Do NRIs need to be present physically for completing the property registration?

No, NRIs don’t have to be present physically for registration of property for buying, selling or renting in India. NRIs can issue true and lawful power of attorney in favor of his/her family member, relative, friend, colleague or agent.

Can I buy property in India without going to India?

Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India. … RBI permission is not required to buy residential or commercial property.

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Can an NRI buy property in India without PAN card?

PAN Card is not mandatory for an NRI as they are non-residential Indians with Indian passports; especially if they do not plan to invest money into any business in India. However it is mandated by the government to have a PAN Card if, … To buy a property they do not necessarily need a PAN Card as per rule 114C.

Can NRI sell property without visiting India?

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.

How NRI can do register property in India?

The following documents are required for NRIs for a successful property registration: A photocopy of residence proof of each owner, i.e. passport, Aadhar card, driving license, election commission card, etc. or any other identity proof issued by the State or the Central Government.

How can an NRI buy a property in India?

Moreover, there is no restriction as to the number of residential or commercial property, an NRI can purchase in India. For purchasing permitted immovable properties in India, the NRI has to either pay through banking channel by remittance from abroad or the NRI can use balance in his NRE/NRO or FCNR account.

Can a NRI buy land in India?

As an NRI you will not need any special permission to buy an immovable property. … If you hold a foreign passport, you can buy property in India provided you have a PIO (Persons of Indian Origin) card or an OCI (Overseas Citizen of India) card. PAN Card: This is mandatory for property transactions.

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Do NRI pay property tax in India?

NRIs who are selling house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gain. … In such a case the cost of the property shall be the cost to the previous owner.

What will happens if NRI buy agricultural land in India?

NRIs can sell agricultural land, plantation property, or farmhouse property provided the buyer is a citizen of India and resides in India. If the NRIs have purchased such lands with permission from RBI, they require approval from RBI to complete a sale transaction. The sales proceeds can be remitted to an NRO account.

What documents are needed for an NRI to buy property in India?

To get a home loan, NRIs must furnish the following documents:

  • Copy of Indian passport and visa.
  • In case an Indian passport in unavailable.
  • PIO card if you hold a foreign passport.
  • OCI card if your parents are citizens of India.
  • Work permit / employment contract / appointment letter of your country of residence.

Can NRI inherit property in India?

Yes, NRIs and PIOs can inherit commercial, residential and even agricultural property in India.

Can NRI buy property in India without Aadhar card?

Can NRIs buy property in India without Aadhar card? As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for Buying/selling his/her property in India.

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.

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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.