A Total Guide For NRI To Sell Property In India
It becomes difficult and exhausting to handle multiple properties at a place where you are not even residing. An NRI also experiences the same problem when staying outside India due to their work commitment and having multiple properties in India. There are a lot of things that an NRI should keep in mind before selling their property. So if an NRI has a property in Jodhpur, then one of the essential steps is to choose the right property dealer in Jodhpur who will tell you how to proceed with all the processes. One of the popular and best real estate advisor in Jodhpur is the Surana Realtors, who will be with you till the last step.
A Surana Realtor is the best in giving real estate consultancy in Jodhpur. They will tell you all the pros and cons of buying or selling a property. An NRI can also list his property with Surana Realtors, who will try to find the best buyer for an NRI. A Surana Realtor typically gives a platform to an NRI to list their property at Surana Realtors without coming to India. They aim to make buying and selling an easy process without any complexity.
Before discussing any further, an NRI should know that when there is any property transaction, he should meet the guidelines mentioned in the foreign exchange management act, 1999. The Act establishes rules and procedures for all foreign exchange transactions taking place in India. The Enforcement Directorate (ED) is the agency responsible for enforcing FEMA.
Documents Required By The NRI To Sell His Property In India
The documents NRI required have not had much difference from what an Indian resident wants to sell his property.
There are many documents to the product but let us start with the identity proof. Identity proof is a document that defines who you are. Some of the identity proof required by the NRI is:
- PAN card: a pan card is necessary when the transaction is at a large- scale. It is also required at the time of claiming the tax exemption.
The next document that an NRI needs in their selling process is the documents proving the address in India as well as in the country where they are currently residing. Documents proving the address proof are:
- Life insurance policy
- Electricity or telephone bills
- Ration card
Properties documents are that documents that prove that the particular property belongs to you.
- Sale deed: The document executed to transfer the ownership from the seller to the buyer is known as the sale deed. It is the vital document that proves that the particular property belongs to the respective person. These documents are needed by the NRI when they want to sell a property.
- Allotment letter: A letter from the builder, society, or the other relevant authority is known as an allotment letter.
- Documents from the society: An NRI must get a NOC (no objection certificate) from the society where his property is situated. This certificate is needed to prove that no dues are pending from the side of NRI.
If the NRI has been earning money from the property he is planning to sell, tax returns for the ownership period should be kept handy.
Process For NRI To Sell His Property In India
- Look for a trustworthy real estate broker in Jodhpur who will conduct a proper valuation of the property and tell you the exact value.
- The most difficult step for any NRI is the work related to all the paperwork related to the property, as he is not physically present in India to do so. The best solution in this situation is to appoint a trustful person as his power of attorney, who can carry all the paperwork on his behalf.
- Understanding the tax liabilities is also very much essential.
- An NRI can sell his property only to an Indian resident or his relative NRI.
NRI Can Sell His Property To
An NRI can sell his residential or commercial property to any Indian, NRI, or a PIO, but An NRI cannot sell their agricultural land, farmhouse, or plantation property to another NRI.