Laws prevailing NRI realty investment in India

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Laws Prevailing NRI Realty Investment In India
Feb 2018
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In Green Homes
Special thanks to the new real estate rules of
buying a property for non-resident Indians is
much easier than before. Anyone with Indian
passport can actually invest in the real estate
in India providing the property is not plantation
property, agricultural land or the farmhouse. The
most important considerations for the
non-resident Indian invest in the real estate
market in India by understanding the financial
landscape. If the non-resident Indians is looking
to invest in the Indian property, here are some
things one need to remember before looking out
for the properties Regulatory Act If the
non-resident Indians have an Indian passport,
they don't necessarily require any permission in
advance to make an investment in property in
India. Reserve Bank of India had made rules and
regulations simple to attract the foreign
investment. The realty transactions are governed
by rules under Foreign Exchange Management
Act. Types of properties to invest in There is no
such restriction on property numbers than the
non-resident Indians can invest in. A Person of
Indian Origin or a Nonresident Indian can buy as
many commercial as well as residential properties
in Indian as they want. There are restrictions on
foreign investment, however, when it comes to
plantation property, farmhouse or an agricultural
land. The properties are allowed in the case
these are inherited or may be gifted to the
non-resident Indian in question. Power of
attorney If a non-resident Indian is buying an
under-construction property, one will definitely
have power to an attorney to the trusted
associate and builder. Take the help of the
lawyer to correctly word the document so that
there is no clear chance of forgery as well as an
investment is secured while the property is
actually being developed. Financial transactions
and funding For many investments of property in
India, all transactions should be done
appropriately in Indian currency through the
banks in India. One of the compulsories to have
is the non-resident Indian account in any
authorized Indian bank. Non-resident Indians can
get the funding for buying if the paperwork is
clean. There are various non-resident Indians'
home loan schemes which are available under the
varied financial institutions in India. If one is
getting the property funded ensure that you have
a minimum of 20 of the property value to invest
from the sources. One can take funding for a
maximum of 80of property value.
All the transactions should be carried through
the Indian banking channels, so ensure to use the
NRE/NRO account for the inward remittances. Also,
issue the post-dated cheque or ECS from the
Foreign Currency Non-resident Account, NRE or NRO.
Before approaching the ban for funding, check all
the paperwork is cleaner and verified by the
lawyer. Take the no-dues certificate from the
seller if non-resident Indian buys property and
buy property and it is inherited or held jointly,
work to get title cleared. Also,
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make sure that there are not any pending bills or
the dues with any joint authorities.
Tax benefits As the non-resident Indians can
enjoy tax benefits that the Indian residents
entitle to the property purchase. The
non-resident Indians can claim for a deduction of
Rs 1 lakh under Section 80C of the Income Tax
Act, 1961. If you sell the property for the
purchase of 3 years it is considered as the
short-term capital gain and earnings through
property taxable. If the property is sold after 3
years, one has the option of reducing the
long-term capital gains tax by investing in any
other property. CREDAI continuously organizes
exhibitions for the non-resident Indians where
they help them to scan varied investment options
as well as offer spot loans from the renowned
banks. Easy investment options, as well as the
reduction in the down payment value, are offered.
Thus, it is important that one check all the
offers from CREDAI before investing in the Indian
real estate.
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