OCI holder buying property in Mumbai : Mode of Payment
This query is : Resolved
20 November 2023
Hi
I am an OCI holder and my mother is resident indian. I plan to buy a residential property in Mumbai from a resident indian seller.
If I buy property in my name(non resident OCI holder) and my mother (Resident Indian)
AND
Make payment in ratio of 5% from my NRE account & 95% from my mother's resident account
AND
have agreement with ownership rights in ratio of 95% under my name & 5% under mother's name
AND
deduct 1% of TDS for seller
Will I be OK from Violation, Taxation and other hassles in future?
Appreciate you genuine inputs, help and support. Thank you
Regards
Puja Doshi
I am an OCI holder and my mother is resident indian. I plan to buy a residential property in Mumbai from a resident indian seller.
If I buy property in my name(non resident OCI holder) and my mother (Resident Indian)
AND
Make payment in ratio of 5% from my NRE account & 95% from my mother's resident account
AND
have agreement with ownership rights in ratio of 95% under my name & 5% under mother's name
AND
deduct 1% of TDS for seller
Will I be OK from Violation, Taxation and other hassles in future?
Appreciate you genuine inputs, help and support. Thank you
Regards
Puja Doshi
15 January 2024
This should help https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=1855#:~:text=The%20payment%20can%20also%20be,cheque%20and%20foreign%20currency%20notes.
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