Indian Real-Estate market has always been the cynosure for any NRI who wants to invest in India. No doubt the growth of this sector has a major contribution by the NRIs only. But the rules and regulations imposed on the transactions into real estate are not as simple as it is the case with any Resident Indian. The basic idea behind these restrictions/limitations or those conditions while transacting into the said sector are to ensure genuine flow of money, right tax to be paid in case of gains and avoid any illegal usage of money.

You might want to read; Most important points for NRI investors.

CAN NRIs BUY PROPERTIES IN INDIA?

Answer is very much Yes! A non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India. There is no RBI permission is required to buy residential or commercial property. But the point of exception is, an NRI cannot buy agricultural land, plantation land or a farm house in India. Even he cannot acquire such property as a gift. However there is no bar on inheriting such properties.

Also the notable point is, a foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India. An NRI can take on lease an immovable property for a period not exceeding five years for without taking permission from the RBI.

Can NRIs take Home Loans?

Why not! An NRI can avail home loans for any property ready for possession or under construction, construction of property on an owned plot or for alterations to the existing property. Buying of a plot also qualifies for a home loan.

For loan purpose; NRI’s income, place of residence & educational qualification plays a major role. It is important to note that only graduate NRIs can avail home loans in India. But you need to recheck with the bank for any latest parameters. Normally banks allow an advance of 80-85 per cent of the value of the property, subject to the gross monthly income (GMI) of an individual. Sometimes the maximum amount of loan granted is in the range of 36-40 times GMI. Even some banks also go by the ratio of equated monthly installment to net monthly income (EMI/NMI).

For submission of document along with loan application an NRI needs to furnish copies of the passport, valid visa and work permit, contract of employment, work experience certificate, salary certificate and statements of NRE/NRO accounts. For those residing in the Middle East, a copy of the employment card is also required. The salary certificate should be attested from the embassy if the salary is not credited to a bank. There may be other requirements which defers from bank to bank.

For Repayment of Loans:

The repayment needs to be made in Indian rupees only and the repayment of these loans can only be through non-resident external (NRE) or non-resident ordinary (NRO) accounts with remittance from abroad.

In case an NRI changes his status once he returns to India permanently then he has to inform it to the banks and basis the same the existing loan conditions and clauses has to be reworked if required.

For Letting out or Renting Properties in India

The NRIs who have property acquired in the country can rent out the property without the approval of the Reserve Bank. The rent received can be credited to NRO or NRE account or remitted abroad.

The RBI has granted general permission to NRI’s and foreign citizens of Indian origin, to let out their residential properties acquired for their bonafied residential purpose but which on account of their residence abroad, are not required for their immediate residential purpose. However, there are restrictions regarding the repatriation of the rental income earned from such letting out of the property. The rental income is on a non-repatriation basis. Thus as indicated above, these rental income must be credited to the NRO Account/ Resident Accounts in India only.

Tax on Let out Properties in India: Here TDS on rental income comes under the other income category which attracts TDS at 30 per cent. The tenant is such cases are the person responsible to deduct the TDS and issue a TDS certificate. In cases where income exceeds Rupees 10 lakh, a surcharge of 10 per cent would be applicable on the TDS. Further, an education cess of 3 per cent would apply to all TDS.

CAN NRIs SELL PROPERTIES OWNED IN INDIA?

Why not! An NRI can very well sell properties in India to a person resident India, NRI, or a PIO. Remember! NRI / PIO can sell agricultural land, plantation property or farm house to a person resident in India only who is a citizen of India. But a foreign national of non-Indian origin resident outside India would need prior approval of the Reserve Bank to sell agricultural land, plantation property or farm house in India.

Even there is no restriction on gifting residential or commercial property to a person resident India, an NRI, or a PIO. But gifting of agricultural land, plantation property or farm house can be done to only to a person resident in India who is a citizen of India.

Things an NRI must remember while selling property in India

Profit Earned on Sale of Properties: Any incomes earned by way of selling of properties in India by NRIs are liable to pay capital gain tax under the Income Tax Act 1961. These gains can be Short Term Capital Gains (STCG) or Long Term Capital Gains (LTCG) depending upon the period of holding of the property. If the holding period is less than three years (36 months) before selling it, then it is considered a short-term capital asset and if it is sold after three years (36 months), it is a long-term capital asset.

Tax on the Gains: Any NRI will be subject to a TDS of 20 per cent on the long term capital gains (LTCG). If an NRI sells the property within 3 years of purchase, he/she will be liable for short term capital gains (STCG) tax at your respective tax slab. Short term capital gain is calculated as the difference between the sale value and the cost of purchase (no indexation benefit is available). For NRIs STCG will be subject to a TDS of 30 per cent irrespective of their tax slab.

How to reduce the tax burdens or save taxes in such cases:

The tax saving options available to an NRI is not much different than the options available to any resident India while planning to reduce the tax liability on capital gains on properties. Following are the few best options available to any NRIs to do their tax planning while selling properties in India.

Buy another House: Under Section 54 of income tax Act, the long-term capital gains on the sale of a house you must use the entire profit to either buy another house within two years or construct one in three years. If you had already bought a second house within a year before selling the first one, you could still avail of the tax exemption.

You might want to read; How to Calculate Long Term Capital Gains from Sale of House Property?

Invest in 54EC Bonds: Any person (including NRI out of NRO account on a non-repatriable basis) and Hindu undivided family (HUF) through its Karta can make investments into the bonds issued by National Highway Authority of India (NHAI) and Rural Electrification Corporation (REC) to save tax on the long term capital gains arising from sell/transfer of Capital asset.

You might want to read; Know all about 54EC Bonds to Save Long Capital Gains Tax.

Capital Gains Account Scheme 1988: Similar to any resident India, an NRI who was not able to make the necessary investments in another property u/s 54 or invest in bonds as per sec 54EC, the Income Tax Act provides that the amount can be kept in a nationalised bank under the Capital Gain Account Scheme before the due date of filing income-tax returns to avail the tax exemption in accordance with the Capital Gain Account Scheme (CGAS), 1988. The amount deposited with the scheme should only be utilised for purchase/construction of new property within a specified period.

You might want to read; Use Capital Gains Account Scheme To Save Tax.

Repatriation of Sale Proceeds:

As an NRI if you think selling of property and taking the sale proceeds outside India is just a click away, then you are wrong.

Such repatriation of funds should be reported to RBI by filling up prescribed forms. According to section 195 of the Income Tax Act, it is mandatory to deduct income tax from payments made or credit given to non-residents at the rates in force. An NRI who has sold a house property can repatriate the sale proceeds up to $1 million per financial year, provided all the taxes have been paid and a certificate to that effect has been obtained from a chartered accountant, subject to certain conditions.

You might want to read; Use 15CA & 15CB forms to transfer funds to Non-Residents.

Hope this article was worth reading , do share your further queries in the comment section.

The must knows for NRIs while Buying/Selling properties in India

52 thoughts on “The must knows for NRIs while Buying/Selling properties in India

  • March 30, 2013 at 4:18 PM
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    Best info for NRIs.. Please give information like this.

    Reply
    • March 30, 2013 at 4:36 PM
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      Thank you!

      Reply
      • October 1, 2013 at 9:11 AM
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        Hi Soubhagya,
        Me and my husband holds a joint property in India purchased in year 2007 and we are POI who holds citizenship of other country. Currently I hold a resident status being in India for last 2 years but my husband is overseas only and visits us only once in 6 months for period of 15 days. Now we have decided to sell our property in India and I understand we fall under category of long term capital gain. My question is do my husband has to pay 20% TDS even if we decide to invest our gain into government bonds?? How does the calculation will work in our case?? Can A.O. issue him No TDS certificate?? Which form we should use for Income-Tax??? Pl. guide.

        Reply
  • March 31, 2013 at 7:33 PM
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    Awesome! expecting more in future!

    Reply
    • April 1, 2013 at 10:17 AM
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      Thank you Abdul. Hope the information was useful to you.

      Reply
  • June 18, 2013 at 8:03 PM
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    the tax saving option will aplacable on sale of residencial land also?

    Reply
    • June 18, 2013 at 8:45 PM
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      Hi Ahmad,

      Yes! It’s applicable.

      Reply
  • July 29, 2013 at 10:33 AM
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    Hi Soubhagya,

    Very informative article. I have a question on joint ownership of property for which I have seen contradictory answers from many experts in their articles. Can a NRI (Indian Citizen) residing abroad purchase a residential property jointly with a resident indian parent? RBI site states that there is a restriction on foreign citizens to buy a property but I haven’t read any such restriction for NRIs. Please provide some insight to this.

    Thanks,
    Vijay

    Reply
    • July 29, 2013 at 3:25 PM
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      Hi Vijay,

      I don’t see any such restriction stopping NRIs going for such proposition while buying property in India. But yes, as per the guide line NRI can’t buy any agricultural property either singly or jointly with resident individual.

      Reply
  • August 15, 2013 at 8:27 PM
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    Hi Soubhagya,
    very nice write up.

    vikas

    i am buying a flat from an NRI which is more than 50lacs. Do i need to deduct TDS of 1% only or also the TDS of 20% on entire sale consideration amount u/s 195 of income tax code.
    For example an NRI is selling a flat for 80lakhs, then does a buyer have to deduct TDS at 20% on 80 lacs(ie16lacs). If suppose by selling the flat,NRI is making a long term capital gain of 5lacs. Then in this case NRI will be at loss if i deduct TDS at 20%.
    I am still not able to figure out that when will the provisions of sec195 come into picture.
    Please clarify if my understanding is wrong.

    Reply
    • August 15, 2013 at 9:11 PM
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      Hi Vikash,

      As per section 195, buyer making payments to non-resident, he has to deduct TDS 20% on the sum payable. This means buyer has to deduct 20% on sale price as TDS.

      Reply
  • August 17, 2013 at 3:15 PM
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    Hi, I am buying a property from NRI and as per section 195, I am supposed to deduct 20% tax. However, there is a provision where the NRI can file a declaration of investment in tax saving instruments and get a NOC certificate from the IT dept. In such cases, do I need to get a TAN no even if I am not going to deduct any tax?

    Reply
    • August 17, 2013 at 8:02 PM
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      Hi Rahul,

      If the NRI seller is able to furnish required exemption certificate then you are obviously not deducting tax. So there is no point of getting TAN.

      Reply
      • November 25, 2013 at 9:59 AM
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        Hi Soubhagya,

        The NRI seller has got the exemption certificate but it mentions 1% as the tax deductible, hence I will have to deduct 1% instead of 20% as TDS. I have got a TAN since that was necessary to obtain the exemption certificate.

        Now the question is whether I can use 26QB to make the TDS payment (since rate is same as that for residents – 1%) or I need to use the ITNS281 (since the seller is an NRI)? The seller will be depositing the payment to an NRO account in India and will not be taking it out of India. The 26QB has no mention of TAN anywhere whereas the ITNS281 has it.

        Do I need to give 16, 16A or 16B to the NRI seller as TDS certificate? And finally, do I need to file any return for this TDS – I saw multiple forms 26Q, 27Q etc. which is confusing.

        Thanks,
        Rahul

        Reply
        • November 26, 2013 at 11:31 PM
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          Hi Rahul,

          In that you need to file form281 for TDS payment, but I can not give much clarity on rest of the queries, thus I suggest you to write a mail to NSDL for the clarification.

          Reply
  • September 10, 2013 at 4:08 AM
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    Hi,
    If a NRI inherits a property from his Indian resident parent by way of will, will the base value of the property be calculated as of date of inheritance of the property or the original date of purchase by the parent. How due you determine the value of the property for indexation. How does a NRI repatriate all of capital gains to purchase a property abroad without having a TDS deducted or any taxes paid in India

    Would really appreciate your valuable advise.
    Thanks

    Reply
  • November 28, 2013 at 11:23 PM
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    Hi,

    If an NRI sells property in India, and wants to get an exemption for the capital gains tax; does the house (that they reinvest the money in) need to be in India, or can they invest that money in a foreign house?

    Thanks for the great article!

    Reply
    • November 29, 2013 at 12:31 AM
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      Hi Rahul,

      Yes! they can.

      Nowhere in the provision it is said that an assessee cannot buy property situated outside India.

      Reply
  • January 28, 2014 at 4:35 PM
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    Hi Soubhagya,
    The NRI seller is gifting his property (a residential flat) in India, to his wife who is staying in India since January 2012 and apparently with “Resident but not ordinarily resident” status. She was staying abroad for 15 years prior to January 2012. She holds Indian passport & PAN card. She has however never filed any IT return before. If I buy this property from his wife, I have been given to understand that only 1% TDS ( Section 194 IA) will be applicable. Is this correct as this seems to be evading Section 195? Are there any risks on my side as a buyer?

    Thanks & Regards
    Rupinder

    Reply
    • January 28, 2014 at 7:10 PM
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      Hi Rupinder,

      Section 195 will be applicable here!

      Gift from husband is not just enough, there should be a clear title ownership transfer in wife’s name. Please check this at first.

      As per my understanding for the FY 2013-14 she will be treated as non-resident and taxes to be dealt as per section 195 not 194IA. She has been in India since Jan’2012, thus she will get resident status for FY 2014-15 onwards.

      Reply
  • March 4, 2014 at 10:32 PM
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    Dear Sir, This is very informative blog and I really appreciate your guidance to the confused people.
    I have the more or less similar query.
    I am planning to buy a flat from a family i.e husband and wife with NRI status as flat is on the name of both. Now, as per this new law from June 2013, being a buyer, I have the responsibility to deduct TDS of 1% from the purchase amount.
    I have read the your answers to similar queries, and I understand that instead of 1% I have to deduct 20% TDS. My seller has already taken home loan recently, so he will invest this money for paying his loans.
    A] On your webpage, you have mentioned that if NRI is buying house they can apply for TDS exemption certificate, am I understood right?
    B] If he get such certificate from ITO, how should I proceed with this deal.
    C] Shall I open account for TDS or not? Will there be problems during or after the deal?
    D] Will there be any issue with bank loan for me?
    E] Where shall I show or give this certificate so that I would be free of my responsibility of this TDS?
    Do I have to still pay for 1% TDS?
    Please guide me as I am very much confused and worried.
    Looking forward to your reply…
    Thanks a lot.

    Reply
    • March 4, 2014 at 11:33 PM
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      Hi Prashant,

      Find answers in sequence to your queries;
      A] Yes! you understood right.
      B] Once you get such certificate, better to verify it and consult with the help of a Chattered Account.
      C] If the seller has received no tax deduction certificate and you have verified the same then no need to pay any TDS.
      D] I don’t think so. But make sure bank should understand this complexity or you make then understand this rather they bother you for TDS deduction etc.
      E] See answer given in point “B”
      F] No! you do not need to deduct/pay TDS further.

      Hope I clarified all your queries.

      Reply
  • March 5, 2014 at 10:48 PM
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    Dear Sir, I really appreciate your quick replay.
    Thanks a lot for this.
    I have one small query. This is kind of repetition of same query again (I apologize for that)
    Q] The NRI family from whom I am buying flat has PAN number. In fact, he work on ship and stays outside the India formjust more than 180 days, hence his status is NRI.
    Even he has has PAN number, still as a purchaser, do I have to deduct 20% TDS or as per new rule deduction of 1% TDS is enough.
    Sorry to bother you again on the same matter. I just want to be careful before making deal.
    Once again many many thanks for your guidance.
    Prashant

    Reply
  • March 15, 2014 at 10:02 PM
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    Can you please let me know if Section 195 will be applicable for a resident but not ordinarily resident and TDS is to be deducted @ 20% or will it be 1% for such person if the sale value exceeds 50 lacs rupees. it is confirmed that the person is resident but not ordinary resident in FY 2013-14 .

    Reply
    • March 16, 2014 at 10:46 AM
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      Hi Tejas,

      As I understand, until RNOR gets a status of RI as per IT law, he/she will be charged TDS at a rate of 20% on property sold by him/her irrespective of consideration value.

      Reply
  • April 24, 2014 at 11:52 PM
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    Hello
    I am a US citizen who moved to India in August 2013 and been on a break from work till now. I have a few questions:
    1. I would like to buy a property jointly with my father who is an Indian citizen and resident. Is this possible? Is it possible to have a property registered jointly where one is an Indian and other one is a US citizen?
    2. Can I use funds from my NRE account to pay for the property partially while my father pays the remaining from the sale of his other property?
    3. I also own another property that I plan to sell (lower than the price of the new property we plan to buy) and invest in the new property. Hence I won’t be liable to capital gains tax?
    4. My dad plans to sell his property and invest most of the amount into this joint property. The amount invested is more than the principal including inflation, etc.
    5. Since we both will be selling our own other property each to finance this new property, would the capital gains tax have any complication because it is a joint investment.

    Any advice on best way to proceed this?

    Thanks
    Jyothi

    Reply
    • April 25, 2014 at 12:02 AM
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      Hi Jyothi,

      Find answer in sequence to your query
      1. Yes.
      2. Yes
      3. Your understanding correct, but being an NRI you are subject to TDS. So better visit to you assessing officer and submit application for no/lower deduction of TDS as you are selling the property to buy a new one to utilise the Capital Gains (if Long Term).
      4. I didn’t get the question here!
      5. Your respective Capital Gains (if Long Term) should be equal or less than the contribution (each) in the new property will ensure no tax liability from the sale of properties.

      Reply
  • June 20, 2014 at 12:02 AM
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    Hi,

    The information is very useful.

    I am an NRI. I purchased some shares while I was in India with the income earned there. I want to buy a property in India now. Can I sell the shares and invest in a property? Do I need to get any permissions from RBI or any other authority? The shares have been purchased 3 years back. Can you confirm that there are no capital gains tax while selling the shares?

    Reply
    • June 20, 2014 at 5:46 PM
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      Hi Narasimman,

      Yes there won’t be any tax on the gains out of sell of equity shares held for more than 1 year. Condition is that the stock must be sold at recognized stock exchange in India and STT should be paid.

      Reply
  • August 5, 2014 at 3:03 AM
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    Hi

    Is it possible for an NRI to sell under the construction property & remit money via NRE a/c. I have made partial payment of a property & am wanting to dispose off the asset & remit the funds. The property is still a couple of years away from completion

    Thanks

    Reply
    • August 5, 2014 at 6:47 PM
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      Hi Sumit,

      Yes! It can be done. But tax to be paid if any income arises out of this transaction. The sale proceeds can’t be remitted directly into NRE account if the funding for acquisition has not been done through NRE account. In such case, the proceeds need to be deposited into NRO account.

      Reply
  • August 25, 2014 at 10:59 PM
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    Hi,

    This article is very helpful!!!.
    I am NRI and having NRE account & Indian passport and planning to buy a layout plot on my mother name. She is citizen and resident of India. I wanted to transfer the money from my NRE account to broker account(trusted), so he will pay the whole amount by cash to the owner and register. In this process are there any legal/tax issues while buying or selling the property?
    Can you please advise me as soon planning to go for registration?

    Reply
    • September 7, 2014 at 7:04 PM
      Permalink

      Hi Konda,

      I don’t think this is right. Why don’t you be a part owner for the property and make the payment from NRE account directly. Or gift money to your mother and let her buy the property.

      P.S. Above advice may not be right, but do take legal assistance.

      Reply
  • December 31, 2014 at 1:28 PM
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    Dear sir,
    I wish to know about some doubts .
    1.) I Have NRI status I had purchase a plot in India(Punjab) in year 2000 from my NRI account, I wish to sell it now but I do not want repatriation of my money out of India , I want to keep it in my NRI (normal Saving) account in India for future use. do I have to tax even I am not making repatriation of money out of India ?
    2.) Can I taken cheque payment from by purchaser who is an Indian citizen & can directly submit to my NRI account, will the bank accept this.?
    thanks & regards
    Raj

    Reply
  • December 31, 2014 at 1:31 PM
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    Dear sir,
    I wish to know about some doubts .
    1.) I Have NRI status I had purchase a plot in India(Punjab) in year 2000 from my NRI account, I wish to sell it now but I do not want repatriation of my money out of India , I want to keep it in my NRI (normal Saving) account in India for future use. do I have to tax even I am not making repatriation of money out of India ?
    2.) Can I taken cheque payment from by purchaser who is an Indian citizen & can directly submit to my NRI account, will the bank accept this.?
    thanks & regards
    Raj

    Reply
    • December 31, 2014 at 11:44 PM
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      Hi Raj,

      Refer answers in sequence to your queries;
      1. Yes
      2. Yes, buyer can issue cheque to your NRO account. If you wish to get it in your NRE account, then buyer needs to follow certain process of remittance as stated by RBI.

      Reply
      • January 1, 2015 at 1:01 PM
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        Dear mr.Patra
        Thanks for your reply You had cleared my doubts, One more query I had please help me for this an I am a NRI & out side of India, Can my father/brother pay booking amount from his bank account by cheque( He is resident Indian).Later on other payment I can do by my NRI account cheques.is there any problem for me being NRI purchasing a flat but one installments not paid from NRI account ? Thanks & regards

        Reply
        • January 22, 2015 at 11:48 PM
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          Hi Raj,

          I don’t think there is any problem as long as you can justify them. But it as advisable to pay from your account if possible.

          Reply
  • January 9, 2015 at 10:24 PM
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    I am deleaing one plot in bangalor budget is 30L .Seller is nri but he has purchased his plot by paying cash in 2004 and he don’t have pan card and he is haveing house in bangalore on his wife name.
    1)If i purchase is plot from him with the help of bank loan as non nri.Are there any risks on my side as a buyer in future.
    Thanks in advance for your help

    Reply
    • January 23, 2015 at 11:45 PM
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      Hi Anji,

      As long as property documents are correct and transactions are completely accounted then there won’t be any problem for you. You as a buyer of a plot from NRI, should ensure to deduct TDS before making any payment. It won’t affect you if NRI seller doesn’t have PAN. The trouble for seller will be that he can’t claim the TDS back as refund even if is eligible.

      Reply
  • April 4, 2015 at 6:19 PM
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    Hello,

    I am an Indian (NRI) and i have recently purchased an apartment in mangalore. I have already made the payments to the builder but recently i read somewhere that if an NRI is purchasing a flat in India and if the payments are done through NRE/NRO account then there is no tax implications for NRI for the purchase. In the payment 4.000% VAT and 3.090 % tax is included in the amount of the payment.

    Is this is true then how do i get my money back from the builder ?

    Thank you.

    Reply
    • April 4, 2015 at 9:53 PM
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      Hi Royce,

      I am not sure about this. But as per my understanding, stated taxes are applicable to buyer irrespective of residential status.

      Reply
  • April 15, 2015 at 2:05 PM
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    Is there official way of two NRIs, one (A) selling property, another (B) buying, A getting money from B NRI directly in his foreign account, A declaring the same in registration of sale deed, A paying capital gain tax in India and be worry free. So instead of getting money in NRO account, can money be obtained directly into foreign account, but it is properly declared in all documents in India?

    Reply
    • April 22, 2015 at 11:39 PM
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      Hi Madan,

      If A (Seller) had bought the property through foreign bank account then there is a chance that he can get the money from B (Buyer) to his foreign account otherwise it has to be routed through NRO account only.

      Reply
  • May 6, 2015 at 12:21 AM
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    Hi ,I am NRI and planning to buy plot in village approx 13000 sqft .anything have to pay as income tax?people advised me to split the property and buy …is this adviceble?

    Reply
    • June 13, 2015 at 11:35 PM
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      Hi Udhay,

      I did not understand about the term “Split the Property & Buy”. Can you explain further?

      Reply
  • September 18, 2015 at 1:17 PM
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    I am an Indian Resident buying an apartment in Bengaluru worth Rs. 1.06 crores from a Japanese national working in an IT Company in India since 2010. How much TDS do i need to deduct u/sec 195 in this case (20% 0r 1%) ?

    Reply
    • October 1, 2015 at 7:56 PM
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      Hi Anil,

      It should be 20%!

      Reply
  • October 6, 2015 at 10:59 AM
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    Dear Sir:
    Thank you very much for your reply. I forgot to mention that the property mentioned above is less than a year. Does the TDS structure change? I am confused about one more issue- His auditor says that the concerned Japanese individual is staying in Bangalore since 2010 and hence is entitled to 1% TDS deduction. I would appreciate it very much if you could kindly guide me. Thanks a lot in advance

    Reply

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