| |
| Eligible Person |
Non- Resident Indian (who
is Indian Citizen)
Non-Resident Indian (who is
Foreign Citizen of Indian origin)
Other than Citizen of Pakistan, Bangladesh,
Sri-Lanka, Afghanistan, China, Iran, Nepal or Bhutan |
| ACQUISITION
|
| 1) Purchase |
No permission
is required. |
| 2.) Gift from
|
| a.) Person resident in India |
a.) No permission
is required |
| b.) NRI (Citizen of India) |
b.) No permission
is required |
| c.) NRI(Person of Indian origin) |
c.) No permission
is required |
| d.) Others |
d.) Prior RBI
permission is required |
| 3.) Inheritance
from |
| a.) Person resident
in India |
No permission of
RBI is necessary to Acquire immovable property by
way of Inheritance. |
| b.) NRI \(Citizen
of India) |
| c.) NRI(Person of Indian origin) |
| d.) Others |
| |
| TRANSFER |
| 1.) Sale to
|
| a.) Person resident in India |
No permission
is required |
| b.) NRI (Citizen of India) |
No permission
is required only if the seller is Indian citizen.
All other cases prior RBI permission is required. |
| c.) NRI(Person of Indian origin) |
No permission
is required only if the seller is Indian citizen.
All other cases prior RBI permission is required. |
| d.) Others |
Prior RBI permission
is required |
| 2.) Gift to
|
| a.) Person resident in India |
No permission
is required |
| b.) NRI (Citizen of India) |
No permission
is required |
| c.) NRI(Person of Indian origin) |
No permission
is required |
| d.) Others |
Prior RBI permission
is required |
| Source of Funds
to acquire |
- NRO / NRSR / NRNR Account(NRSR/NRNR now
discontinued)
- NRE/FCNR A/c or Inward Forex remittance.
- Housing Loans are available against the security
of immovable property proposed to be acquired.
Payment supporting to be kept
- Bank Advice or Bank Statement disclosing the
remittance or payment.
|
| Repatriation of Sale Proceeds |
- Without the permission of RBI
A) PROPERTY
HELD FOR MORE THAN 10 YEARS
B) OTHER
PROPERTIES:
C) LEGACY/BEQUEST/INHERITANCE
- With the permission of Reserve Bank
In case of a non-resident who had acquired immovable
property in India, and who is not eligible under
1 above, sale proceeds of such immovable property
can be repatriated by obtaining special permission
of the Reserve Bank India.
|
| |
| Taxation |
- Rental Income is taxable in
India.
- Profit on sale of property will attract Income
Tax. The provisions are complex and it is necessary
to have factual details of the transaction. But
broadly, the tax is in the range of 20% to 30%
(+ Surcharge) of the profit on sale. However it
is possible to reduce the tax by applying certain
beneficial provisions of the Income Tax Laws.
|
| Can you Rent out? |
YES |
| Repatriation of Rental Income is allowed |
YES |
| Tax Deduction
at source |
30% + Surcharge
(as applicable) |
| Can NRI
being an Indian Citizen receive sale proceeds from
another NRI directly outside India |
A NRI who is
an Indian Citizen can sell his Immovable Property
(other than agricultural or plantation property or
farmhouse) to another NRI. However, the such
transaction has to be routed through India only.
In other words, the buyer has to invest in India
by way of remittance from abroad through normal banking
channels or by debit to an his account maintained
with an authorised dealer.
The Sale proceeds of the property must be credited
to your bank accounts maintained with an authorised
dealer in India. |
