NRI Corner

Can I as an NRI own on immovable property.

As an NRI you can own immovable property (except for agricultural land/farmhouse plantation properties where permission needs to be taken) by way of gift, inheritance or purchase. For more refer rbi.org.

From which accounts can I pay for my property?

You can pay both from your NRE and NRO account. However you need to be careful about the treating of the sales process and repatriation benefits which varies from account to account. For more refer rbi.org.

As an NRI can I apply for loan?

You can apply for loan from recognised financial institution by giving specified income/asset proofs. Different financial institution has got different rules. You may want to check their sites for the same. For more on home loan check the “Finance” section

As an NRI can I appoint a person as a Power of Attorney in India to complete my loan formalities.

NRIs can definitely appoint a Power of Attorney to complete all loan formalities towards the purchase of a property in India, considering the fact that an NRI wouldn’t be in India for long periods. Refer to the rules by different banks for the same.

As an NRI am I limited to the number of investment I can do in Residential/Commercial Properties in India?

RBI has not fixed any restriction purchase of Agricultural Land/Plantation Property or Farmhouses in India.

As an NRI how can ZED help me in coordinating site visit

If you drop in a mail we will arrange for your site visit at your convenient time when you are in India. Else you can appoint one of your friend/relative/associate to do the same on your behalf and we will coordinate with him/her

As there any extra tax implication for purchase, sales and renting of real estate in India for NRIs.

There aren’t any tax implications for NRIs for the purchase of properties in India, however any income earned from rental of a residential property would be taxable under House Property, in the Income Tax Act of 1961. Income earned out of rental of a commercial property would be taxable under Business Income in the Income Tax Act of 1961 & Income earned from the sale of a property is taxable under Capital Gains of the Income Tax Act of 1961. For more refer incometaxindia.gov

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