What are the documents required for NRI to buy property in India?

How an NRI can buy property in India?

For NRIs planning to buy property in India, time could not have been better. … Passport and/or OCI card: You will need to show your Indian passport. If you hold a foreign passport, you can buy property in India provided you have a PIO (Persons of Indian Origin) card or an OCI (Overseas Citizen of India) card.

Can NRI buy property from NRI in India?

In addition to the purchase of property, an NRI is also allowed to acquire any residential or commercial property by way of gift from any of his NRI, OCI or a resident relative. Though an NRI is not allowed to buy agricultural land etc. in India, he is allowed to inherit the same from any person resident in India.

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Can an NRI buy property in India without PAN card?

PAN Card is not mandatory for an NRI as they are non-residential Indians with Indian passports; especially if they do not plan to invest money into any business in India. However it is mandated by the government to have a PAN Card if, … To buy a property they do not necessarily need a PAN Card as per rule 114C.

What documents are required to buy a property in India?

Some of the essential documents that are required to buy a property in India are:

  • Sale Deed/Title Deed/Conveyance Deed. …
  • Extracts from Mutation Register. …
  • NOC from Government Departments. …
  • House Tax/Property Tax Receipts. …
  • Sanctioned Building Plan. …
  • Allotment Letter. …
  • Payment Receipts. …
  • Documents Pertaining to Existing Loan.

How many properties can NRI buy in India?

Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India. Exception: An NRI however cannot buy agricultural land, plantation land or a farm house in India.

Do NRI pay property tax in India?

NRIs who are selling house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gain. … In such a case the cost of the property shall be the cost to the previous owner.

Can NRI buy property in India without Aadhar card?

Can NRIs buy property in India without Aadhar card? As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for Buying/selling his/her property in India.

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Can green card holder buy property in India?

A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.

How NRI register property in India?

The following documents are required for NRIs for a successful property registration: A photocopy of residence proof of each owner, i.e. passport, Aadhar card, driving license, election commission card, etc. or any other identity proof issued by the State or the Central Government.

Is Aadhaar card mandatory for land registration?

In 2015 and 2017, the department of land resources also wrote to states asking them to use Aadhaar as identity proof for registering sale and lease of property. A draft notification attached to the 2017 letter suggested that Aadhaar would be mandatory, and not optional.

Do NRI pay TDS on property?

If an NRI is selling property in India, the buyer is required to deduct TDS at the rate of 20% in case of long-term capital gains. However, if the property is sold before two years, TDS shall be deducted at the rate of 30% as a short-term capital gains tax.

Do NRIs need to be present physically for completing the property registration?

No, NRIs don’t have to be present physically for registration of property for buying, selling or renting in India. NRIs can issue true and lawful power of attorney in favor of his/her family member, relative, friend, colleague or agent.

What are the documents to be checked before buying a property?

8 Important Documents that Need To Be In Your Home Buying Process

  • The Sale Deed. …
  • The Mother Deed. …
  • The Sale and Purchase Agreement. …
  • The Building Approval Plan. …
  • The Possession Letter. …
  • The Completion Certificate. …
  • The Khata Certificate. …
  • The Allotment Letter.
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What documents should be checked before buying a plot?

Also, it is imperative to be legally compliant while investing in a future asset.

  • Sale Deed. This is the most important document required for purchasing a plot. …
  • Khata Certificate/Extract. …
  • General Power Of Attorney. …
  • No-Objection Certificates (NOC) …
  • Allotment Letter. …
  • Sale Agreement. …
  • Possession Letter. …
  • Payment Receipts.

How do you prove ownership of a property?

Proving Ownership. Get a copy of the deed to the property. The easiest way to prove your ownership of a house is with a title deed or grant deed that has your name on it. Deeds typically are filed in the recorder’s office of the county where the property is located.