Can NRI sell property in India without RBI permission?

Repatriation of the sale proceeds of the inherited property

Can NRI sell property in India without going to India?

An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.

Can OCI sell property in India without RBI permission?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

How NRI sell property in India?

If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.

Can NRI sell property without Aadhar card?

“An NRI must get a PAN for making the sale of property as after sale of property, it will be required to apply for Tax Exemption Certificate under section 197. If he does not have a PAN, he can apply for one by sending the signed application along with copies of ID and address proof documents,” says Shah.

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What is TDS for NRI selling property in India?

In the case of NRI sellers, the buyer needs to deduct TDS at the rate of 20% post indexation in case of long-term capital gains. If the property is sold before 2 years, short-term capital gains tax will be applicable. In case of short-term capital gains, TDS must be deducted at the rate of 30%.

Does an NRI have to pay tax in India?

If your status is ‘resident,’ your global income is taxable in India. If your status is ‘NRI,’ your income which is earned or accrued in India is taxable in India. … Income which is earned outside India is not taxable in India. Interest earned on an NRE account and FCNR account is tax-free.

Can OCI get Aadhar card?

Can OCI card holders apply for Aadhar card? Yes, OCI card holders can get an Aadhaar card if they have resided in India for a period of 182 days or more in one year immediately preceding the date of application for enrolment. … Yes, according to the Aadhaar Act, 2016, every resident can apply for an Aadhaar number.

Can OCI holder live permanently in India?

OCI cardholders do not need a visa to visit, live or work in India.

Can I buy property in India with OCI?

OCI card holders can purchase residential and commercial properties in India. … 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.

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