Is it safe to buy property through general power of attorney in India?
Is it safe to buy property through general power of attorney in India?
Buying a property through General Power of Attorney is a commonly followed route of transacting in Indian real estate. However, as per an order issued by the Supreme Court of India in 2011, transferring property through GPA is invalid.
Can a foreign company buy immovable property in India?
“But, if a foreign company has established a liaison office, it cannot acquire immovable property in India. In such cases, the liaison offices can only take property on lease for up to five years,” said Jain. Answer: Non-residents cannot buy real estate through companies for a personal purpose.
Can a non resident Indian sell a property in India?
Sale of property purchased as a non-resident Indian If the property was purchased out of rupee resources, that is, income earned in rupees, or the home loan is repaid by a relative who is a resident of India, the amount must be credited in the NRO account.
What is the NRI Guide to selling property in India?
NRI’s guide to selling property in India. While in most cases, a person who qualifies under one would qualify under the other, it is better to review both definitions. If you sell the property after 3 years from the date of purchase, you will be liable for long term capital gains tax of 20 per cent.
Buying a property through General Power of Attorney is a commonly followed route of transacting in Indian real estate. However, as per an order issued by the Supreme Court of India in 2011, transferring property through GPA is invalid.
Can a NRI sell a property in India?
The same rule applies to property sale by non-resident Indians (NRIs). Discussed in detail are the tax implications on property sale by NRIs in India.
Are there any online property registration in India?
To cut down on the hassles that used to be an integral part of the property registration process in India, state governments in the country, under the centre’s ‘Digital India’ initiative, have launched programmes to offer online property registration to citizens.
Who is required to get prior permission to transfer immovable property in India?
Under Section 31 of the Foreign Exchange Regulation Act, 1973, people who are not Indian citizens and companies which are not incorporated in the country, are required to get prior permission of the RBI to acquire, hold, transfer or dispose of an immovable property here.