How NRI can sell property in India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … Income arising from transfer of property is taxed under Capital Gains and rental income from letting out the property is taxed under the head ‘Income from House Property.
Do you need OCI to sell property in India?
So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.
Can a person of Indian origin sell property in India?
A PIO can sell non-agricultural property/land to resident Indian. But PIO cannot sell agricultural land or plantation property or farm house to a resident Indian. … In general, PIO can sell the property to NRI and resident Indian. If the buyer is also PIO, then the prior approval from RBI is required.
Can NRI sell property in India without RBI permission?
The Supreme Court on Wednesday held that a foreigner can not sell or mortgage a property without the prior permission of the Reserve Bank of India.
Can NRIs buy property in India?
NRIs can buy all sorts of immovable properties in India other than agricultural land, farm house and plantation property. To acquire agricultural land/plantation property/farm house in India, they have to get approval from the RBI and the government.
Does an NRI need Aadhar card?
Only Residents of India are eligible to enrol for an Aadhaar Card and it is mandatory for them to obtain one. NRIs can enrol for an Aadhar Card if they want to but it isn’t mandatory for them to do so. … Also, OCIs who have stayed in India for more than 182 days are eligible to enrol for an Aadhar Card.
Can OCI get Aadhar card?
Can OCI card holders apply for Aadhar card? Yes, OCI card holders can get an Aadhaar card if they have resided in India for a period of 182 days or more in one year immediately preceding the date of application for enrolment. … Yes, according to the Aadhaar Act, 2016, every resident can apply for an Aadhaar number.
Can OCI holder live permanently in India?
OCI cardholders do not need a visa to visit, live or work in India.
What are the disadvantages of OCI card?
The OCI card benefits refer to the rights you gain, like working, living, and entering India as many times as you want. One of the major drawbacks is that you must surrender your Indian passport as India doesn’t accept dual citizenship. Still, this is a chance for Indians living and working abroad.
Do I need to pay tax if I sell my property in India?
If you are planning to sell your property, you’ll have to pay capital gain tax on the profit earned after considering the inflation and indexed cost of acquisition. … If you’re selling a property in India, the profits you earn are called Capital Gains.
Can OCI inherit property in India?
NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India. Funding: … Housing loan can be availed to acquire the property from Authorised Dealer (AD) Bank or a housing finance institution in India.
In which country Indian can buy property?
Cyprus is among six markets resident Indians invest in the most, according to the Knight Frank India and the IREX report. Australia, Malaysia, Sri Lanka, the UAE, the US and the UK are among the markets most-preferred by resident Indians.