NRIs, who wish to return India at a later point of time, want to buy a house or other immovable property in India. Also, to earn good capital appreciation, NRIs invest in immovable property in India. There are many other cases, where NRIs or PIOs or OCIs or other Foreign citizens are doing some immovable property transaction in India eg
- Purchase of property In India
- Property acquired by inheritance in India
- Leasing or Renting of Property
- Sale of property
- Gift or Relinquishment of property
We, at S Lohia & Associates Chartered Accountants in India, are assisting NRIs and Foreign Citizens in various transactions in connection with the Immovable Property in India. Below are few services, which we are frequently providing to our NRI and foreign citizen 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.
S Lohia & Associates Other Services In Relation to Property Purchase and Sales Matters: