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Is buying apartment a good investment in Bangalore?
It is always considered a better option to buy an apartment than buying land or an independent house, as it is safer and present way more opportunities. Especially, at this market condition and in the year 2020, it proves to be beneficial for home buyers and investors when they purchase a cozy apartment in Bangalore.
Why do people buy property in Bangalore?
The appreciation of the property will increase every year. When compared to the other metropolitan cities in India, Bangalore hosts the most affordable residential properties. With an amount of money you spend on an apartment in busy cities like Mumbai and Delhi, you can buy an independent home in Bangalore.
Can NRI 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.
Is it good to buy house in Bangalore now?
Bangalore property market is still stable compared to markets like Mumbai or Delhi, where the prices have shot up astronomically over the years. Hence, it is advisable to invest the rental amount as EMI to buy a house in Bangalore. However, you need to choose the areas suitable for buying or investing in a house.
How can NRIs buy property in India?
When buying a property in India, NRIs are required to carry out all transactions in Indian currency and through local banks. This means NRIs that want to invest in a property in India should have an NRI account in one of the authorised Indian banks. NRIs can easily obtain funds for buying properties if their paperwork is in order.
How to buy agricultural land/plantation property in India?
To acquire agricultural land/plantation property/farm house in India, they have to get approval from the RBI and the government. When an NRI sells a property in India, TDS (tax deducted at source) calculation is done at the rate of 20.6 per cent on long-term capital gains and 30.9 per cent on short-term capital gains.
Can an NRI sell his farmhouse to a non-resident?
An NRI, for example, cannot sell his farmhouse, agricultural land or plantation property to a non-resident or a person of Indian origin (PIO). This is not true in case of residential and commercial properties.
What are the tax implications for NRI sellers in India?
In the case of NRI sellers, the buyer has to deduct tax at the rate of 20\%, post indexation in case the transactions falls under the category of long-term capital gains. If case of short-term capital gains, TDS will be deducted at the rate of 30\%.