CA Arun Tiwari
Quick Summary
Introduction In an increasingly globalized world, Non-Resident Indians (NRIs) often find themselves dealing with property matters not just within their home country but also with fellow NRIs. Whether its selling or buying property, the rules and regulations governing such transactions can be comp
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FAQ :
Yes, an NRI can sell property to another NRI in India. This requires verifying NRI status, ensuring the property is eligible (residential or commercial), using an NRI bank account for transactions, and completing all necessary documentation and tax compliance.
NRIs can typically buy and sell residential and commercial properties. However, they cannot purchase agricultural land, plantation property, or farmhouses in India.
NRIs must have an NRI bank account to receive sale proceeds or facilitate purchases. Funds for buying property can come from this NRI account or potentially through an NRI home loan.
Yes, both the seller and buyer must comply with Indian tax laws. The seller is responsible for calculating and paying any applicable capital gains tax, while the buyer needs to ensure tax compliance during the purchase.
The final step involves executing and registering the sale deed with the local sub-registrar office. This legalises the transfer of property ownership from the seller to the buyer.
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