Provisions for transferring property rights in India - Bangalore

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.