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Eligible Person
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Non- Resident Indian (who is Indian Citizen)
Non-Resident Indian (who is Foreign Citizen of Indian origin)
Other than Citizen of Pakistan, Bangladesh, Sri-Lanka, Afghanistan, China, Iran, Nepal or Bhutan
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ACQUISITION
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1) Purchase
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No permission is required.
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2.) Gift from
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a.) Person resident in India
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a.) No permission is required
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b.) NRI (Citizen of India)
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b.) No permission is required
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c.) NRI(Person of Indian origin)
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c.) No permission is required
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d.) Others
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d.) Prior RBI permission is required
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3.) Inheritance from
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a.) Person resident in India
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d.) Prior RBI permission is required
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b.) NRI \(Citizen of India)
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c.) NRI(Person of Indian origin)
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d.) Others
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TRANSFER
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1.) Sale to
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a.) Person resident in India
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No permission is required
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b.) NRI (Citizen of India)
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No permission is required only if the seller is Indian citizen. All other cases prior RBI permission is required.
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c.) NRI(Person of Indian origin)
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No permission is required only if the seller is Indian citizen. All other cases prior RBI permission is required.
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d.) Others
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Prior RBI permission is required
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2.) Gift to
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a.) Person resident in India
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No permission is required
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b.) NRI (Citizen of India)
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No permission is required
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c.) NRI(Person of Indian origin)
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No permission is required
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d.) Others
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Prior RBI permission is required
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Source of Funds to acquire
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a. NRO / NRSR / NRNR Account(NRSR/NRNR now discontinued)
b. NRE/FCNR A/c or Inward Forex remittance.
c. Housing Loans are available against the security of immovable property proposed to be acquired.
Payment supporting to be kept
d. Bank Advice or Bank Statement disclosing the remittance or payment.
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| Taxation |
i. Rental Income is taxable in India.
ii. Profit on sale of property will attract Income Tax. The provisions are complex and it is necessary to have factual details of the transaction. But broadly, the tax is in the range of 20% to 30% (+ Surcharge) of the profit on sale. However it is possible to reduce the tax by applying certain beneficial provisions of the Income Tax Laws.
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| Can you Rent out? |
YES
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| Repatriation of Rental Income is allowed |
YES
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| Tax Deduction at source |
30% + Surcharge (as applicable)
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| Can NRI being an Indian Citizen receive sale proceeds from another NRI directly outside India |
A NRI who is an Indian Citizen can sell his Immovable Property (other than agricultural or plantation property or farmhouse) to another NRI. However, the such transaction has to be routed through India only. In other words, the buyer has to invest in India by way of remittance from abroad through normal banking channels or by debit to an his account maintained with an authorised dealer.
The Sale proceeds of the property must be credited to your bank accounts maintained with an authorised dealer in India.
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