We, S LOHIA & ASSOCIATES, is a Chartered Accountants firm, with it is headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields.

We, at S LOHIA & ASSOCIATES, focus at providing tailor made solutions to challenging problems of our clients, and perform with high quality and timely service

Read More

NRI Repatriation Services

Property Acquisition, Sale and Management Services for NRIs

NRIs, who wants to come back to India to settle down at a later point of time, want to buy a good immovable property. Further, good appreciation, in property prices in a short duration, is also attracting NRIs to invest in immovable property in India. Therefore, all NRIs are looking for to buy Immovable Property in India. Now, the question comes that how to buy Immovable Property in India. Therefore, need of a good consultant is felt. 

We, at NRI Tax Service, are assisting NRIs in acquiring Immovable Property in India. Below are few services, which we are frequently providing to our NRI clients :

  • Property Search : Since we are sitting in India and NRI is sitting outside India, so here we assist NRIs in finding good builder, property consultant, weakness/strength of specific property/builder/area etc, Do’s and Don’ts. Further, we can also interact with broker/seller on behalf of NRI buyer.

  • Legal Position : We also advise to our NRI clients wrt India legal position. E.g. as per RBI Regulation NRI cannot buy an agriculture land in India. Similarly, as per RBI regulations there are various other law which need to be complied with. We also advise that how the funds should be remitted to India to buy the property e.g. NRO A/c or NRE A/c. We also advise that in whose name the property should be bought. We also advise about Tax position i.e. Income Tax, Wealth Tax as well Service Tax, Stamp Duty etc.

  • Being Power of Attorney of NRI : In India, acquisition of property completes once the Sale Purchase Document named as ‘Sale Deed’ or ‘Agreement to Sale’ is registered with Registrar of Property. This happens at the nearby RoP office, in which jurisdiction the immovable property is situated. Considering, that the NRI is in other country and busy in his work schedule, therefore, it may either be not feasible for him to come India for this registration or it may cost him very much. Therefore, we offer our services to be his/her Power of Attorney and appear before the registration authorities as well any other authority for registration of Sale Purchase Document. 

  • Renting/Leasing : Once the property is registered, we also help our NRI clients in leasing/renting of the same, either directly or finding a property broker. Further, we also assist in getting necessary documents prepared as well registered, and in case of registered lease deed we also offer our services as Power of Attorney on behalf of NRI before Registrar of Property.

  • Mutation/Freehold etc : Post property acquisition, sometimes there is a requirement of getting various needful done in relation to property to keep a clean title on the property e.g. Conversion of property from leasehold to freehold, Mutation etc. We assist our NRI clients in getting these needful done. 

  • Miscellaneous : Apart from above, we can also help in obtaining necessary documents for acquisition of property (e.g. PAN), drafting or vetting of certain documents, keeping a record of all important documents, receiving the rental cheques and depositing of same in bank, etc.

  • Sale of property : we can help you locate a prospective buyer and also get his background check done by a reliable professional agency or alternatively connect you directly with a property consultant to locate a prospective buyer. We also take care of all tax compliances involved in sale of property e.g. calculation of capital gains, filing of taxes, tax saving investments, repatriation/remittance outside India including certification required (Form 15CA and 15CB) etc.

NRI Sale of immovable property, Capital Gain taxation & Repatriation of sale amount

Lots of Indians/Indian Origins are residing abroad, thereby taken the status as NRIs/PIOs. These NRIs/PIOs either hold immovable property in India or they inherit the same from their parents/grandparents. Since these NRIs/PIOs are living abroad, and have been settling there, therefore, they want to sell this property. Another purpose of selling property can be to buy property in some other vicinity which they will be able to use. Here, we provide as one window service to NRIs/PIOs. With respect to sale of immovable property in India by NRI/PIO etc., as per our experience NRIs/PIOs generally look for following services :

  • Before Sale Services : Vetting of Sale Agreement and other advisory within the framework of Income Tax Act as well any other law. Advisory tips wrt date to be chosen for sale deed, bank account where to receive/deposit the sale consideration.

  • Computation of Capital Gains : Verification of documents of purchase, improvements made, sale and expenses incurred during purchase as well sale of property. Applying relevant indexation to cost, improvements etc. Computing Capital Gains as per the provisions of Income Tax Act.

  • Capital Gains Exemption Claim : Capital gains arising on sale of immovable property attract Capital Gains Tax under the Income Tax Act Provisions. This tax can be saved by investing money in capital gain tax saving schemes e.g. buying new house, buying bonds, depositing money in capital gain tax saving bank account etc. We assist our NRI/PIO clients in finding various tools for tax saving on these capital gains.

  • Computation of Taxes and Its Payment : Post tax saving plannings etc, there need to calculate taxes, if any payable. We calculate those taxes. if some taxes are payable, we assist in depositing of same as per tax law to avoid any interest/penal liability. Once the due taxes are paid, the balance funds are free for any use including Repatriation outside India.

  • Repatriation of Free Funds Outside India : Post tax planning, tax payment etc, NRI/PIO approaches his/her banker for repatriation of funds outside India. As per RBI regulations, generally these funds are eligible for repatriation under USD One Million Scheme. We do provide our advisory on same. At this point, on requiring the Banker to remit funds outside India, the banker require the Remitter to provide certain documents as per the RBI Regulations, which includes i.e. a CA certificate (in Form 15CB) and RBI Acknowledgement in Form 15CA, Application in form A2 etc. We assist our NRI/PIO clients in issuing CA Certificate, completing these documents and getting the funds remitted outside India. 

  • Filing ITR with IT Deptt : In relation to capital gains calculation, investments made, taxes paid etc, an ITR is required to be filed with the Income Tax Department in India. Taking into consideration all other incomes earned in India, we provide the services of preparation and filing of ITR with IT Department in India. 

  • General Advisory : In addition to above, we also provide other general and specific advisory wrt Income Tax/FEMA in relation to sale/repatriation transactions of immovable property.

  • Record : We also advise our NRI/PIO clients to obtain, arrange, secure various documents, which may be important in any future enquiry under any law e.g. Income Tax Act. Further, we also keep a record of document obtained by us from client for any future requirement.