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Provisions for transferring property rights in India - Bangalore
Thursday, 14 December, 2023
Item details
City:
Bangalore, Karnataka
Offer type:
For Free
Price:
Rs 10
Item description
As a Non-Resident Indian (NRI) looking to transfer property rights in India, several key provisions should be considered:
Legal Framework: Follow guidelines set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA) regarding property transactions by NRIs.
Documentation: Ensure all necessary documents, such as sale deeds, title deeds, tax receipts, and possession certificates, are for a smooth transfer.
Tax Implications: Understand the tax implications, including capital gains tax, associated with selling property in India and seek advice from tax consultants.
Repatriation: Comply with regulations for repatriation of funds outside India after the sale, within specified limits and conditions.
Power of Attorney: Utilize Power of Attorney for facilitating property transactions, allowing a trusted individual to act on behalf of the NRI.
Compliance: Adhere to RBI and FEMA regulations concerning the mode of payment, repatriation of funds, and other paperwork.
Inheritance and Gifting: NRIs can inherit property in India and gift immovable property to relatives, subject to certain conditions and tax implications.
Legal Assistance: Seek guidance from legal experts or property consultants well-versed with Indian property laws to ensure compliance and a smooth transfer process.
Legal Framework: Follow guidelines set by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA) regarding property transactions by NRIs.
Documentation: Ensure all necessary documents, such as sale deeds, title deeds, tax receipts, and possession certificates, are for a smooth transfer.
Tax Implications: Understand the tax implications, including capital gains tax, associated with selling property in India and seek advice from tax consultants.
Repatriation: Comply with regulations for repatriation of funds outside India after the sale, within specified limits and conditions.
Power of Attorney: Utilize Power of Attorney for facilitating property transactions, allowing a trusted individual to act on behalf of the NRI.
Compliance: Adhere to RBI and FEMA regulations concerning the mode of payment, repatriation of funds, and other paperwork.
Inheritance and Gifting: NRIs can inherit property in India and gift immovable property to relatives, subject to certain conditions and tax implications.
Legal Assistance: Seek guidance from legal experts or property consultants well-versed with Indian property laws to ensure compliance and a smooth transfer process.
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