NRIs RIGHT TO PURCHASE PROPERTY IN INDIA BY MANVI SINGH @LEXCLIQ

Can NRIs buy real estate in India ? Must people ask this question and the answer to this question is Yes.The RBIs circular now allows Non resident Indians to purchase certain types of property.However,other type of property can also be purchased after it is approved by obtaining special permits .

TYPE OF PROPERTIES WHERE NRIs CAN INVEST 

NRIs investors don’t need to request special permission from RBI nor do they need to send communication or intimation regarding the RBI.The RBI,through a circular has granted general communication or intimations regarding the RBI.The RBI,through a circular has granted general permission to NRIs for acquiring any number of residential or commercial properties.The income tax law also allow NRIs to own any amount of Residential or commercial real estate.

JOINT OWNERSHIP 

NRIs can act as the sole owner or jointly Purchase real estate with other NRIs.However,indian resident or other persons who are prohibited from investing in real estate in india cannot become the co owner of the property,regardless of the co owner contribution to the purchase.

PROPERTY OWNERSHIP AFTER BECOMING NRIs 

What if someone who owns a property in india later become an NRIs? Such a Person can still own that property in India even after residing outside india.NRIs are also allowed to purchase otherwise after becoming an NRI.It depends on when you bought it.

CHARACTERISTICS OF NRI INVESTMENT IN INDIA 

1.NRI can’t purchase agricultural land or plantation property in india.However ,they can buy residential and commercial properties.If there is a reason behind scouting for a agricultural land,the reserve bank of india(rbi) will review such interest on a case‐to‐case basis.

2.Like any other real estate purchase in india,NRI is responsible for paying the necessary taxes: stamp duty; registration fee,annual property tax after purchase and even goods and services tax on property construction.

NRIs can also invest in real estate in India to earn rental income.They would be taxed at 30% via tax deducted at source (TDS) and the balance can be remitted to the country under FEMA regulations.

POWER OF ATTORNEY 

NRIs must give a power of attorney if they are outside India for executing the purchase transaction.It must be noted that the NRI will need a special power of attorney registered and notarized and not a general power of attorney to execute a property transaction.

TAX BENEFITS 

NRIs are eligible for a major part of tax benefit available to resident Indian buyer.If they sell the property they bought within three years,the earning will then be taxed as it is deemed to be short term capital gain.

CONCLUSION 

Except for agricultural land farms and plantation NRI has no restriction on purchasing commercial or residential properties in India.NRI has different rule and regulations for investing in indian real estate.

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