Can NRI sell property in India without physical presence? (2024)

FAQs

Can NRI sell property in India without physical presence? ›

According to the Registration Act of 1908, when an NRI buys or sells residential property in India, the physical presence of both the parties is required to register the transaction. So, if the NRI cannot be present, he/she must appoint someone trusted as the POA to sign the documents.

Yes, an NRI can sell property in India without even coming to India. Without even visiting this country and without asking for assistance from his family, my cousin sold his Indian home. This is one instance of how digital India has simplified our lives.

Other than this, an NRI can buy as many properties in India as he/she wishes. However, if an NRI cannot visit India to purchase the property, an individual with valid power of attorney will have to do so in behalf of that NRI. NRIs can own any number of properties in India as he/she wants to.

If you won't be in India for the sale of the property, you can designate a representative through a power of attorney. Many NRIs opt for brokerage firms to help with the process of selling a property. Some places to find brokerages firms in India include NRI India Services and Brokers ADDA, among others.

Yes, a Non-Resident Indian (NRI) with a Power of Attorney (POA) can purchase real estate in India without visiting India.

During the sale of property by an NRI, the buyer is responsible for deducting Tax Deducted at Source (TDS). The standard NRI TDS on property sale is 20%. However, if the property is sold before two years (as calculated from the date of purchase), a higher TDS for NRI property sale (30%) will be applicable.

Subject to the relevant Foreign Exchange Management Act, 1999, (FEMA) regulations, as an NRI or an OCI, you may sell any residential or commercial property in India to: A person resident in India; or. Any NRI/OCI.

If an NRI buys an immovable property in India from a resident, he must deduct TDS at 1%, if the sale consideration value exceeds Rs 50 lakh. On the other hand, if an NRI purchases a property from a non-resident, and if long-term capital gains (LTCG) are applicable, then TDS deduction should be at 20%.

Both NRIs and OCI have the permission to buy both commercial and residential property in India. You do not need to submit any intimation or send any communication to the Central Bank for the purchase of a property. NRIs cannot buy agricultural land, plantation or farmhouses in India.

A Non-Resident Indian (NRI), can inherit immovable property in India in two ways: Valid Will, i.e., testamentary succession; or. Laws of intestate succession i.e., when a person passes away without writing a valid Will and the property is inherited as per the relevant succession laws in India.

Can I sell my property in India and bring money to USA? ›

There's not usually any US tax implication if you're sending money from the sale of a property you own in India to the US. However, depending on the amounts involved you may need to report this transfer using IRS Form 3520.

To diminish TDS on a property sale by NRI he is needed to furnish the application in Form 13 within the income tax department to provide the certificate for Nil/ Lower Deduction of TDS. the same certificate assists the NRIs in diminishing the TDS liability, and then most NRIs choose the same certificate.

Generally, OCIs are permitted to buy and sell residential and commercial properties. However, some restrictions apply, particularly regarding agricultural land and plantation properties. One of the most critical financial considerations when selling property is capital gains tax.

No. The RBI has stated that NRIs do not need prior authorization to sell or transfer any property. How Can NRI sell property in India? If you are an NRI, you are free to sell the property to a Resident Indian.

Can US citizens buy property in India? Yes, a US citizen can purchase property in India. As per the regulations set by the RBI and FEMA, they are eligible to buy immovable property in India which includes residential and commercial properties.

Anyone may buy and own property in the United States, regardless of citizenship. There are no laws or restrictions that prevent an individual of any foreign citizenship from owning or buying a home in the U.S.

If you intend to sell your Indian property without being in the country to oversee the sale, you'll need to appoint a representative to act on your behalf. This is done through your local Indian embassy or consulate, by giving power of attorney (PoA).

They are allowed to freely purchase and sell property, but the purchase funds must be routed through proper banking channels and maintained in a non-resident account as per FEMA regulations.