Must Have Documents Before Buying Property in India For NRI's
Posted: Thu Oct 12, 2017 11:03 am
While India?s real estate sector has seen a price correction in the recent past, buying property in Indian has also become more lucrative with favourable currency rates.
If you are a non-resident Indian (NRI) planning to buy a property in India, time could not have been better for you to do so.
Here is the list of must have documents before buying property in India >>>
1. PAN Card
NRIs need a PAN (permanent account number) Card because they will be expected to file income tax returns, if they have rented out the property.
2. Power of Attorney
If you does not visit India too often and if you give a special power of attorney to someone it will be much easier to get registration, execution of the sale, possession and for other processes.
3. Indian Passport of Person of India Origin (PIO) Card or Overseas Citizen of India (OCI) Card
NRIs need an Indian passport to invest in property in India. If you are an Indian but hold the passport of a foreign country, you need a PIO card. A person who is not a citizen of India, but was eligible to become an Indian citizen before or after partition (or a child of such a person) would need an overseas citizen of India (OCI) card.
If you are a non-resident Indian (NRI) planning to buy a property in India, time could not have been better for you to do so.
Here is the list of must have documents before buying property in India >>>
1. PAN Card
NRIs need a PAN (permanent account number) Card because they will be expected to file income tax returns, if they have rented out the property.
2. Power of Attorney
If you does not visit India too often and if you give a special power of attorney to someone it will be much easier to get registration, execution of the sale, possession and for other processes.
3. Indian Passport of Person of India Origin (PIO) Card or Overseas Citizen of India (OCI) Card
NRIs need an Indian passport to invest in property in India. If you are an Indian but hold the passport of a foreign country, you need a PIO card. A person who is not a citizen of India, but was eligible to become an Indian citizen before or after partition (or a child of such a person) would need an overseas citizen of India (OCI) card.