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BUYING PROPERTY IN INDIA AS AN NRI?
If you are a Non-Resident Indian (NRI) interested in purchasing property in India?
you have come to the right place.
NRI buying property in India can be a great investment opportunity. However, there are certain legal and regulatory requirements that must be fulfilled to make the process smooth and hassle-free. Here are some key things to keep in mind when buying a property in India as an NRI
Eligibility
NRIs, PIOs (Persons of Indian Origin), and OCIs (Overseas Citizens of India) are eligible to purchase property in India. It is important to have a valid Indian passport or OCI card to be able to make such purchases.
Reserve Bank of India (RBI) regulations
The RBI has specific regulations for NRIs purchasing property in India. For instance, an NRI can purchase residential and commercial property in India, but not agricultural land, plantation property, or farmhouses. The payment for the property must be made through an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account, and there are limits on the repatriation of funds.
Power of Attorney
It is recommended that NRIs appoint a trusted representative or Power of Attorney (POA) holder in India to carry out the necessary legal and administrative tasks related to the property purchase on their behalf. This can help avoid any delays or legal issues that may arise during the process.
Verification of property documents
Before making a property purchase, it is important to verify the property documents thoroughly. This includes checking for clear title, encumbrances, approvals, and permits from the local authorities.
Taxation
NRIs are subject to tax laws in India for any income generated from the property, as well as capital gains tax when selling the property. It is important to consult with a tax expert to understand the tax implications of owning property in India.
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Frequently asked questions (FAQs) about buying property in India as an NRI
?
No, it is not necessary to physically be present in India to purchase property. However, it is important to have a trusted representative or Power of Attorney (POA) holder in India to carry out the necessary legal and administrative tasks related to the property purchase on your behalf.
NRIs are subject to tax laws in India for any income generated from the property, as well as capital gains tax when selling the property. It is important to consult with a tax expert to understand the tax implications of owning property in India.
No, NRIs cannot purchase agricultural land in India. However, they can inherit agricultural land from a resident Indian.
NRIs do not have permission to purchase farmhouses, agricultural land, or plantation land. So, as long as you are not purchasing these types of properties, you have no additional procedure to follow. But if you are investing in such types of properties, you would need to take prior approval from the RBI.
NRIs can repatriate the sale proceeds of a property in India, subject to certain conditions and limits. For instance, the funds must be remitted through an NRE or NRO account, and the repatriation limit is $1 million per financial year.
Per Section 17 of the Registration Act, 1908, NRI gifting requires signing a gift deed. The NRI gift deed comprises two parties, the donor (the one who gifts) and the receiver of the gift. The deed must be typed on stamp paper, and both parties must sign all pages of the deed.
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