Category Archives: NRI Property Management

Do NRI’s Require Pan Card to Sell Property in India?

Property is an important resource, and for ages, it has been an exceptionally time-consuming and taxing process to sell property in India from overseas. One faces procedural difficulties only due to the dearth of accurate information regarding the process. But in order to encourage greater investment in the real estate sector, the Indian Government has simplified the field of real estate for NRI’s.

 

PAN or Permanent Account Number has essentially been created in order to regulate and track taxable income in India. This unique ten-digit code is required by NRI’s only when they have a taxable source of income in India.

 

Due to the huge amount of diaspora abroad, India has started schemes such as Overseas Citizenship of India (OCI) and Person of Indian Origin (PIO) schemes. In order to enter into a property transaction, it is not necessary for an NRI or a PIO (origin being dated up to the fourth generation of ancestry) to have a PAN card. However, if the sale proceeds that an NRI has received have to be repatriated, i.e. if the money has to be sent back to ones home country, an NRI is supposed to require a PAN card for the same. The facility of remitting the proceeds that have been acquired from the sale of property is not available to citizens of Iran, China, Nepal, Bhutan, Pakistan, Afghanistan, Bangladesh and Sri Lanka. Individuals not required to possess a PAN card and are exempted from the same can make a declaration in Form 60 when partaking transactions that require it. Even though a PAN card is not a compulsion, most experts suggest that it is advisable to apply for the same since it is of great aid in order to claim tax exemption after the sale of the property.

 

Checklist of documents for selling property in India

Hence, the standard document checklist for selling property, apart from the state-specific documentation requirement is as follows –

  • Passport, to act as a proof of identity (doesn’t necessarily have to be an Indian passport);
  • PAN card, or form 60, for the purpose of tax exemptions
  • Address Proof
  • Allotment Letter which was initially provided by the developer;
  • Sale Deed
  • Tax Returns, if an income is accruing from the property and the same is taxable, tax returns for the period should be maintained
  • No Objection certificate and other society related documentation
  • Encumbrance Certificate
  • POI or OCI Card.

Source: nrilegalservices.com

Property Management is the Hottest Demand

Professionalism in Property Management is the Hottest Demand

There was a Time when people had absolutely no idea of what to do with their Real Estate and putting them to better use. The NRIs who are away from home for years together come back to India and curse the archaic provisions of the Rent Control Act as they were afraid that the chances of getting their assets back or putting them to a better use to earn return on investment is very less.

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Vacation Rentals and Property Management – Tips and Techniques

When it comes to managing a property or renting it, the options are whether to self-manage it or hire someone to take care of it. This choice is completely based on the factors such as time, expertise and involvement that you can dedicate to the day-to-day happenings on the property and steps to manage it. Whether it is a full-on rental or seasonal, the task of managing them needs consistency and experience. Individuals who have the time and brains to learn the ins and outs of property management can do it all by themselves. However if you are an NRI who lives far from your property, you could hire a local expert to take care of your venture. It just needs your once-in-a-while follow up on the details provided to you by the contractor.

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Challenges that await in India if you are an NRI who owns a property in India

The Non-residents who live abroad from India are most likely to face many practical challenges if they own a property here at Home. There was a time when people were worried about getting better money out of their investments.

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