NRIs Buying Property In India All that you need to know - By D B Mehta

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[@manojacob]

NRIs fall into two categories. 1. Those who are still citizens of India (non-Resident Indians) , 2. Those who took foreign citizenship (person of Indian Origin). PIOs can get OCI (overseas Citizen of India) visa/card by applying to the Indian Consulate. Best advice to PIOs: If you do not plan to move back to India. do not invest in real estate. The hassles are too much. If you buy a house in India and rent it out, chances are you will lose the house. The tenant knows you are unable to go to India and fight it in courts for say, 20 years. Rules and regulations are are changing during the election seasons. The Government can put NRIs and PIOs in difficult situations by changing the rules, sometimes retroactively.

[@NRIMoneyClinic]

Your pain is understandable . Please subscribe and keep sharing the videos

[@Betelgeuse732]

And when or if you sell it, they will make it so difficult to transfer money back asking for documents you dont have. or difficult to get!!! Personal experience. Also, you may buy a property, but may never get it as these bastards sell it behind your back, happened to my sister who bought a flat through Banglore Housing Authority; but never was able to take possession. !!!They just sold it to someone else, when enquired about, was threatened for her life!! Good news was that they gave her some money with advise that never to look back. It is like the old saying: " why buy a dog that bites you with your hard earned money"??

[@vp2777]

Use holding company and subsidiaries seems the best way forward. Don't invest as NRI but as a Company

[@vikashmurarisetty7787]

Great Video to be seen for NRI'S who is new to buying property, this Video is sheds more information than previous one's, kindly post some videos on reliable builders in India if possible sir.

[@NRIMoneyClinic]

Thanks for your feed back. Will consider your suggestion in due course of time . Please subscribe and keep sharing the videos

[@amarendralonkar7010]

To get permission from the department for tax concession is a great headache in NRI case.It is time consuming and stressful.Why the CA association doesnot suggest solutions on this.

[@shub74]

Please also cover topic of NRI selling inherited property in India and moving funds to the country where they are resident.

[@jaideepbs]

NRI's one thing no one tells you while buying a property is that when you go to sell it, you have to deposit 30 % as TDS. Yes that is correct 30% of the sale price sould be TDS, (to be recovered later). I learnt this the hard way.

[@myutubes0]

The seller has no obligation to pay TDS. The buyer must pay it if he is buying from a NRI. Of course, the buyer will only give you (Sale Price) - TDS. TDS can be ask high as 35%.

[@vp2777]

I think the simple thing is to use a holding company and subsidiaries, there is so much punitive tax for NRIs, it s not worth doing it as an NRI at all

[@kishorkotecha3108]

Thanks. Refreshed my experience. Must always use good nri lawyers

[@tAmILoLDENgOLDieS]

As always this information shared by your guest, Mr. Mehta, and the insightful questions that you sir have posed, is extremely useful and insightful. I do have a follow up question related to purchase of immovable property in India by OCI card holding foreign citizens. Can an immovable property (valid property allowed by legal regulations) be bought jointly by a normal resident Indian citizen and a foreign citizen who has an OCI card? Any information on this subject will be very useful to many NRI's.

[@richardbarnes2253]

Dr. Chandrakant Bhat and Mr. Mehta excellent explanation .

[@shalomdeivasagayam6309]

One thing to understand, Without the buyer deducting TDS of the seller, the sub registrar will not allow to register the property on his/her name .

[@jayasri1960]

The RBI limit for outward remittances from NRO account is 1 million USD per financial year. This limit can also be used to remit property sale proceeds credited to NRO account.

[@kananiamit2136]

What can I help you with?

[@moonkhan7209]

This outstanding session missed a few points: amount and frequency of BRIBES to Income Tax Officer, Registration Officials, and many unscrupulous agents.

[@asheeshjnda769]

Yeah to escape useless laws, People start doing things like undervaluing the property and executing the sale deed.

[@anujpandey2057]

Thank you sir for the information...can you pls make an video on NRI and OCI holders..i mean what should one always know before converting to OCI

[@mc7685]

I'm an NRI please do a video on how to buy a property in India so you don't get duped! Since NRI will be paying by Check, there is no stamp duty saving, source of income etc. NRI may be better of taking loan paying through the bank as opposed to paying from his her account. Once the bank is involved, there may not be fraud such as double triple booking.

[@neeluswar]

What are the laws governing an NRI for inherited agricultural property from parents

[@gurmeetsingh4360]

NRI buying property in India?? People living in India buying property in other countries. Why NRI people will waste there money in India.

[@simba4233]

Better to give that money to charity then "INVEST" in India if you are not living there.

[@kaushikpandya7746]

I have worked in BOI U.K for 20 years in the lowest position with best education. I am in favour of privatisation of banks. If people honestly think about their superiors and subordinate staff about their competency and honesty, privatisation is right to avoid white elephants getting MANAGER salary with nrgligence or less knowkedge of fields. Some managers have to take outside help to write their BRANCH report and staff reports. Nationsation compromise with qualities in most of the cases.e g. Passbook printing quality, ATMS cash machines, counter service, customers privacy etc.

[@monicashyamsukha2930]

Good info. Can u also pls do a vedio on NRI inherited indian property and taxation?

[@NRIMoneyClinic]

Sure . We will definitely do a video on this . Please keep sharing the videos

[@gokullu]

@@NRIMoneyClinic +1 for this topic.

[@kaustubhpatil5018]

@NRI Money Clinic +1 sir for the topic.

[@jayasatpathy8535]

+1

[@SkiNett]

As an OCI, Can I buy an Agricultural property in my mother's name and inherit it at some point in time ?

[@koteswararaoswarna2258]

Very useful and value added information to NRIs. Thanks Mr.Bhat and Mr.Mehta. I would like to seek one clarification. My son-in-law (USA greencard holder) purchased a Villa type house about 10 years ago in Hyderabad for Rs. 1.5 crore by remitting $ 3,00,000. Dollar value was about Rs 50 at that time. Now he wants to sell the house. But present parity is Rs 75 per one dollar.A huge loss he has to bear. Whether this aspect will be taken into account while assessing capital gains tax in such cases.

[@dbmehta5727]

In India you have to pay income tax on profits in Indian currency. You exchange rate loss will not be given as a deduction. To calculate profits in dollar terms in your country of residence it will be dollar profits under double tax Treaty.

[@anamiakal1790]

Very Informative for people like me who lives overseas . A Gr8 Thanks 🙏

[@yenvee9922]

Thanks for an useful and informative video. Sir, as you are aware, Indian Govt enacted a ruling with reg to the Rs 500 demoitisation. As for the case of OCIs, they just gave a ridiculous six weeks time to return to India and exchange that old notes. Obviously, how many could have the possibility to come in this short period. Where as they have given a fair time of over seven months for NRIs. Any further notification came with reg to this issue. Kindly update in this. Thanks a lot.

[@vidyaranirao6432]

this govt swallowed my rs.500, demonitzation money inspite I went to India during this period and stood out side rbi office in Mumbai from ,8am to five pm in the hot blistering heat then they said they will credit my bank account in six months. but they never did it till date no money I got from govt. now I don't believe one word of this govt.

[@RameshPatel-ph3ie]

Thank you and your guest to wake up NRIs who become victims of big fraud in purchasing land.400 acres land in Maharashtra bought by us several overseas Indians without cleared land tittles lost it after forest commission woke up to put a claim to it and we were taken for a ride as land plots were sold as farm houses nest to Salman Khans farmhouse,so sincere thanks for this advice😢

[@meenabhatia8945]

Information on property was very good Pl make more videos related property 🙏

[@animeshkhandheria]

Thanks to Mr. Bhatt & Mr. Mehta, for making a very informative presentation. I have heard that there is no TDS applicable, if the property value is less than 50 Lacs. Can you please flash some lights on this particular subject. Thanks.

[@juson4267]

My advice stay away from real estate as the changing regulations are difficult to understand and manage

[@NRIMoneyClinic]

Thank you very much for your views . Please subscribe and keep sharing the videos

[@madamsatishbabu6873]

Thanks both of you for clear descriptions

[@devram1171]

thank you... excellent information regarding Tax implications

[@ranjit3o]

there are lots of different working, can you guys make a Video which shows simple steps for NRI(US Citizen) with OCI card holder buying property(Home/Plot) in India and keeping it for longer period of time? It sounds like big confusion.

[@prakashmishra84]

Very informative video. Thanks for addressing one critical subject important to all NRIs who want to invest in land/property. Request you to make a video on the subject of "how to know a property i am going to buy is legitimate and litigation free". There are certain agents selling yellow zone property under plotting schemes in my hometown Bhubaneshwar where i am looking for a good plot to buy. They advertise "same-day registration then possession" . Can such people be trusted and what information i should gather before i consider buying it. Many thanks in advance

[@kulathumaniv3491]

This information is very useful to all NRI citizens

[@NRIMoneyClinic]

Thank you very much for your feedback. Please subscribe and keep sharing the videos

[@rammanoharraoch2824]

Very good. Much clarity is there

[@NRIMoneyClinic]

Thank you. Please subscribe and keep sharing the videos

[@NishaSingh-st8rv]

Very valuable information. Can you please recommend an experienced, trustworthy chartered accountant in Hyderabad, who deals with property sale for NRIs?

[@zeekhan1434]

That means for an NRI it is pain to buy or sell the property in India - lesson learned: do not invest in india for repatriation of the profit.

[@kirunchouhan4265]

What happens if it is an inherited property inherited by an nri and nri now decides to sell the inherited property . Please discuss as many nri s inherit properties.

[@mayursampat3773]

Thank you for such simple understanding

[@myutubes0]

Bummer. Learnt something totally new.

[@jplenka9482]

It’s complex but good insight

[@mahendrakumarpatel5859]

Thanks Chandrakantji for the needed information.

[@NRIMoneyClinic]

You are most welcome. Please subscribe and keep sharing the videos

[@burhanuddincalcuttawala5738]

Very informative video for NRIs.Tx very much.

[@chandrashekharakerkar8241]

Many THANKS for your useful and informative video on the subject, Sale & Purchase of property. My querry : Purchaser of property is NRI. Sale Agreement is not yet been prepared by Builders. Can TDS deducted be paid to treasury?

[@Mohamed-rk6wg]

My question is if am not an Indian citizen how can i own a land in India. If it’s possible i need more explanation. Thanks

[@najmamachhar3082]

I was hoping to get whole process of buying a property in india by NRI but it felt like the most information was about taxation when selling property, or may be I did not understand!!!

[@gokullu]

Thanks for the video. useful info.

[@NRIMoneyClinic]

No advice here . Please consult your chartered accountant with full details. Please subscribe and keep sharing the videos

[@mohammedznadeem7656]

Thank you very much for such a nice video. QUESTION: If NRI is selling his property the TDS will be on Capital gain or on total selling amount. E.g : NRI baught at 1 cr after 3 years selling it at 1.5 Cr. SO, resident buyer will deduct TDS and other taxes on 1.5 Cr or only on 50 lac which is gain. Please advise

[@RavinderThota]

Thank you very much for awakening news

[@amitkumarshah5521]

Sir: please explain what TDS is. NRI selling to an Indian citizen after two years of ownership of residential property, total purchase price at the time was INR 55 lacs; sell price could be more than INR 55 lacs. What taxes are to be paid and by whom? Thank you 🙏

[@paulj4030]

Sir , I am a foreign citizen now but originally from india.i bought a land in the year 1992 and built a house with my savings in Indian bank.now I want to sell that house , what are the Rules for me? Please advise.

[@oslerpereira1262]

Thanks for video very useful.thanks again

[@NRIMoneyClinic]

Thank you so much. Please subscribe and keep sharing the videos

[@sharadawasthi70]

Perfect Sir. Thank you.

[@patrickakempu8000]

Very clear explanation dear Sir

[@baratbushan8230]

Nice post with regards By Adv T E Barat Bushan Senior Advocate Member of MHAA Chennai

[@khizrankhan1994]

I'm a NRI fighting with a tenant for eviction since 3years. Don't buy property in india if you want to leave hassle free life.

[@manojacob]

Tenants with bad intentions got lawyers and govt. officials on their side and they know how to play the game. Sorry about your situation. Good Luck!

[@khizrankhan1994]

@@manojacob 😭😭😭

[@biswadipbasak5978]

If one NRI get a gift of property from outside his family what would be his tax liability.

[@rakeshpandey723]

I am an NRI, last year September was visited India and was charged GST of around 11000 INR from PNB Bank for MetlIfe policy, I realized that GST refund can be claimed for NRI. Please advise with next step.

[@13mscs]

LTCG tax is 20%plus surcharge,not 10%plus surcharge…on sale of developed plots…Near end of the vedio it is mentioned..Pl clarify

[@dadu251]

Very informative and useful video Dr Bhatt and Mr Mehta. Very few people are aware of the TDS deduction by the buyer of NRI property, even though it is so important. I will share the video with my friends because of its important implications.

[@NRIMoneyClinic]

Thank you so much for your kind words. Please keep sharing the videos

[@rudys3649]

Very informative video. Thanks.

[@mathewthomas3646]

Thank a lot. Very informative

[@adityaranjan7510]

Sir,I request you to please come up with a video about the financial planning for the Indian seafarers who are at sea for more than 6 months to fulfill the NRI status. Also,please note that the seafarers don't have any resident address abroad and therefore they reside in India itself once they are back from sailing. Thanks in advance.

[@NRIMoneyClinic]

Thanks for your feedback and suggestions . Will do a video on it at an appropriate time. Please subscribe and keep sharing the videos

[@suryashoeb]

The situation is that I am purchasing a property worth 2.5CR in Mumbai and I am an NRI. The current co-owners are 1. Indian Resident 2. NRI Now as per my agent, 1% TDS is applicable but I was reading about the 20% since there was NRI involved. However, the agent also mentioned that there will be a clause in the sales agreement that will mention that the NRI will have a declaration to transfer all amount of the sale to the Indian resident and this will be as an annex to the sales deed . I wanted to know if this kind of a clause will cover me for the 1% TDS?

[@socratesvijayarangan3929]

Thank you very much..

[@NRIMoneyClinic]

You are welcome. Please subscribe and keep sharing the videos

[@ashwanikumar1643]

can indian wife buy land with income of nri husband

[@davinderjoshi3748]

Well explained. Thanks

[@Uma_shankar135]

Sir .. I am NRI / OCI living in Canada. I booked a unit in greater Noida in RAS housing cooperative society in 2012. Later society said builder is Rudra . I have paid 95 percent amount some in favour builder and builders. I have not received possession yet. I should file case against housing society or builder. 🙏

[@navinthakrar8756]

It’s a good talk. Thank you.

[@yadatoresrikantaiahpandura7174]

Good information sirs.

[@amodgole]

Wish you could provide examples too.

[@mullapudikoteswarrao5148]

Thank you sri Mehata garu You have given very useful information. Your professionalism is at high scale in the field . Can I send a message to you sir to clarify some of my doubts ?

[@BalDubey]

Thanks for a great program. I need to contact an agency to report a fraud by an American citizen in purchasing an agricultural land. Kindly provide the contact information for the appropriate Gov. agency. Thank you very much.

[@sitalakshmiarjunarao395]

What is the tax to be paid on sale of agricultural land in Tamilnadu (resident Indian)? please make a video on this. thanks

[@poongkuzhaly]

I'm a NRI my house is in India,tenant not paying rent for more than 1 year,indian courts are very slow so what's is the meaning to buy a house in india????

[@divyasrirajyala6517]

I mean it’s not just rent… the value will go up in 30-40 years … if u just want rent then it’s becomes more complicated cause the courts are unreliable and tenants can be a huge problem

[@wilfreddsilva5841]

My daughter and her family are in the USA I visit them 6 months in a year Am I allowed to open a bank account in the usa This would enable me to transfer my expenses in the USA from the LRS amount from my India SB account I and my wife are Indian citizens and residents Thanks a lot

[@vinayk9712]

How does a buyer reliably know if a seller is an NRI or not?

[@punitsinghsra]

I had a plan to buy commercial property in India back in 2014 2015.. now I'm glad that I didnt buy anything in India.. India is becoming next venezuela

[@maheshkulkarni2510]

Thank you

[@ramanp2581]

Excellent videos

[@mohinderrhode3491]

I bought a flat I been. sold to me more than it was worth about 4 lachs

[@DevendraGuptaProfile]

Thanks for this informative video. Short question what if the property is owned jointly by NRI and resident indian?

[@dbmehta5727]

Both will be treated as jointly and equal owner in the absence of specific ownership ratio. TDS will be deducted @0 75% on 50% sale proceeds to the Indian resident and at the applicable rate on other 50% sale proceeds of the NRI share. Both have to file their seperate ITR and pay taxes. Both are eligible for tax deduction if investment is made in a new house as per section 54 of the IT Act. NRI can repatriate his 50% share as explained in the video

[@sanujitroy6830]

That is not going to work as high number of NRI is out of work and have little money

[@NRIMoneyClinic]

Thank you so much for your views. Please subscribe and keep sharing the videos

[@nandkishoreagrawal6957]

What if the property was purchased during the person was resident indian and he wants to sale the same property when he is Non resident Indian?

[@NRIMoneyClinic]

There is one more video on our channel by name selling of property by NRIs by same faculty . Your query is answered in detail in that video . Search for this video in playlist on properties and you will be able to see it easily . Please subscribe and keep sharing the videos

[@muneer2400]

Hi sir… We, a group of NRI s consisting of 20 persons would like to start planning for the future by depositing a fixed amount each month in NRE account of one of us..our plan is to buy a property in the future when we have collected enough money for the same and sell it after keeping for sometime,may be one year, so that we can share the profit.. Sir, Would u please point out if there are any mistakes in this plan and how can we handle the accounts until buying and at the point of purchase and after that?

[@amitkumarshah5521]

Sir: how do I contact you for my specific scenarios of purchasing a residential apartment from another NRI? Thank you 🙏

[@SSMovie360]

Awesome

[@Muktaslife]

Hi I am here in Canada and was almost booked my ticket to leave for india to buy my property but due to lockdown wont be able to visit india for a month or more. Can I sign purchase sale deed online or if my seller mail me the documents and I send them back with my signatures

[@sachinverma6676]

Will an NRI purchaser gets a GST rebate in buying a property in India

[@sridharansozhavaram4981]

Can a NRI purchase a residential property for the purpose of his/her parents' residing purpose in India? What are the implications in it? If the child of the NRI is American citizen, can the property in India be inherited to the child when the situation warrants?

[@eugeniacamara8880]

Thank you This was very educative. Question Are the same rules applicable to an OCI NRI? If an OCI becomes a resident Indian for over 5yrs then later moves abroad. Will the repatriation of his income from the sale of his property in India be treated the same way?

[@dbmehta5727]

Yes, the same rules are applicable to an OCI cardholder. If you are an OCI cardholder at the time of repatriation of property sale proceeds, what needs to be seen is how you have acquired the property. If its from foreign inward remittance than upto the amount of foreign inward remittance or one million dollars can be remitted. For an higher amount RBI permission is required. However upto 1 million dollars annually remittance is allowed for the OCI without any RBI permission.

[@srinivasm3726]

Indian passport holder can buy agricultural property/farm land. Only foreign passport holder cant buy these properties.

[@dbmehta5727]

All NRIs would be holding Indian passport but as per FERA/FEMA is not permitted to buy agriculture/farm property in India

[@alauddinshaikh9347]

Sir dis has been if a good help, thank u .Sir I want to know in how many days shud I invest my capital gain.

[@dbmehta5727]

You have to buy a house either one year before or within 2 years after the sale

[@anujain7046]

Thanks for so much valuable information Mr. Mehta. I tried to contact you through WhatsApp message but I was asked to write my question here. Hope you will reply to this. My mother sold some land and bought a house in Noida for renting purpose and she wants it in her and my name as joint . How should we take rent from the renter. She is in India and I am a US citizen. If she gets all the rent would I have to file tax return too there in India and show as income in USA. I don’t need to repatriate this rent income here. Thanks in advance. Really I need help.

[@mujibkhan-b9l]

If sale deed is registered with registrar as residetial plot. Is it not enough?

[@EVERGREENRULES]

Hi, pls tell that if NRI has bought a developed residential plot from a Builder, which is a Company like Omaxe DLF, then Should NRI has to deduct 0.75% TDS on purchase value as Buyer Kindly reply Thanks

[@janeidapaispinto343]

Sir after 60 yrs if nri wants to sell property then wht is the taxation ? Or nri after 60 yrs coming back to India for good n sell the property wht is the taxation?

[@rajanna86]

Sir, what is the position if the buyer or seller is a foreign citizen ( a person of Indian origin)?

[@sourabhbhowmick5013]

Very informative

[@NRIMoneyClinic]

Glad it was helpful!. Please subscribe and keep sharing the videos

[@siyanibillinumberone4054]

Builders are fraudulent in India . Almost every one suffered They don’t pay tax until handover No occupation certificate given by bill def Structure of building had issues of leaking that too serious leeking . So this discussion is only helping builders

[@hvt5527]

I am American citizen now but originally I am india, so what is the process for me?

[@manojacob]

NRIs fall into two categories. 1. Those who are still citizens of India (non-Resident Indians) , 2. Those who took foreign citizenship (person of Indian Origin). PIOs can get OCI (overseas Citizen of India) visa/card by applying to the Indian Consulate. Best advice to PIOs: If you do not plan to move back to India. do not invest in real estate. The hassles are too much. If you buy a house in India and rent it out, chances are you will lose the house. The tenant knows you are unable to go to India and fight it in courts for say, 20 years. Rules and regulations are are changing during the election seasons. The Government can put NRIs and PIOs in difficult situations by changing the rules, sometimes retroactively.

[@rajimowli4088]

Can a NRI deposit the sale proceeds of a flat in his NRO A/c without PAN CARD.

[@vijaynagr]

Thanks for this very informative video. I have a question. What happens when I want to sell a property which is jointly owned by an NRI?

[@dbmehta5727]

Is the other joint owner a resident Indian?

[@shalisaify]

Sir, For Property purchase how can we make the payment to the builder, is it through any local bank or NRO/NRE account only & if any tax applicable ?