NRI selling property in India

Non-resident Indian’s play a vital role in the real estate market in India. Today, Indian real estate market is one of the fast growing industries and the demand for properties even increasing due to factors like development in infrastructure, IT Industry, BPO, connectivity, good return on investment etc. compared to others countries.

Non-resident Indian (NRI) can sell or gift their residential real estate property as well as commercial property to a resident of India, or another NRI. The formalities or procedure for selling your real estate property in India depends on your residential place.

The residential status in India is determined by the condition of Income tax Act based on the physical stay in the relevant financial year (tax year) or preceding ten tax years. Foreign citizens of non-Indian origin cannot buy a property in India. Therefore, you cannot sell your property to a non-Indian origin.

What property an NRI cannot Sell?

NRI can sell any commercial or residential property and he is also eligible to sell inheritance property but there are some conditions for selling agricultural land, plantation property and farmhouse. An agricultural land, plantation property and farmhouse cannot be sold to NRI or PIO. The NRI or PIO can acquire such property by inheritance only. Gifting of such properties can be done only to a resident in India.

Related Posts :

Things need to be taken care of before a NRI sells his property in India.

Tips for NRI's to invest in real estate in India.

Home Insurance Policies for NRI

Tags : NRI selling property in India, NRI property frauds,Cosmic Projects,Cosmic Structures.