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.
How many residential properties can an NRI buy in 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. Exception: An NRI however cannot buy agricultural land, plantation land or a farm house in India.
Can NRI buy land in Telangana?
Any transaction concerning their ownership, like sale, gift, issues of General Power of Attorney (GPA), etc., will be allowed from foreign lands. However, to buy land they will have to be physically present in the state.
How do NRIs sell property?
Documents required by NRI for selling property in India:
- Passport- It serves as a proof of identity for the person involved in the transaction.
- PAN Card- It is required if one plans to apply for a tax exemption certificate after the sale of the property.
How can NRIs buy property in India?
NRIs can make payment for the buying of immovable property (other than agricultural land/plantation property/farm house) out of funds received in India through normal banking channels. NRI who has bought residential/commercial property under general permission is not required to file any documents with the Reserve Bank.
Do NRIs need to file documents with the Reserve Bank?
NRI who has bought residential/commercial property under general permission is not required to file any documents with the Reserve Bank. An NRI can buy the property, either as a single owner or jointly with any other NRI.
How to get a title deed for an NRI in India?
If you an NRI you need to submit the address proof of your current residence attested by the Indian Embassy in your country of residence). As per current property registration rules, the title deed requires to have the photograph, thumb impression, and signature of the buyer.
Can an NRI gift property to an Indian citizen?
Tax as applicable in the country should be paid on such receipts. NRIs are allowed to gift or sell immovable properties to any Indian resident. They can also transfer or gift any property, other than farmhouse, agricultural land, or plantation property, to another NRI.