Q: Do foreign citizens of Indian origin, an Nri or PIO holding foreign passport, require any permission to buy property in India ? A: The Reserve Bank has granted permission to foreign citizens of Indian origin, a PIO or an NRI citizen, holding foreign passport, whether resident in India or abroad, to buy property here
Q: Can NRO NRE accounts be maintained by an NRI (Non resident indian) or PIO jointly with residents ? A: NRO (Non resident ordinary) accounts can be held jointly with residents in India. However, it is not applicable for NRE (Non resident external) accounts
Q: Are the sale proceeds of PIO real estate repatriable ? A: Yes, the proceeds of PIO real estate are repatriable. The transfer shall, however, not exceed the amount paid in foreign exchange received through inward remittance or out of funds in FCNR account or foreign exchange equivalent of amount paid out of NRE (Non resident external) acount. The real estate profit can be transfered abroad, out of NRO (Non resident ordinary) account subject to One million U.S. Dollars per financial year per person, after payment of taxes by the Nri citizen (Non resident indian) or PIO
Q. Is the properties rental income repatriable ? A: The properties rental income is repatriable after payment of taxes by the Nri or PIO citizen in India. Real Estate investors do not have to pay tax on any interest earned from the proceeds of both rental income and capital gains as long as these proceeds are placed in specialist non resident bank accounts, an NRE or a FCNR account.
Q: Is nomination allowed in NRO NRE accounts ? A: Yes
Q: Can NRI's / PIO's sell their property to local Indian residents ? A: NRl's are permitted to transfer the ownership of any property to a resident Indian without any approval or restrictions.
Q: Can NRI's / PIO's obtain financing for purchasing real estate in India ? A: Nri / PIO investors are permitted to acquire real estate mortgages without prior approval from the Reserve Bank of India (RBI) and can repay the loans through inward remittance via normal banking channels, via Non-Resident External Rupee Account (NRE) or Foreign Currency Non Resident account (FCNR) accounts or directly out of rental income.
Q: Is there any wealth tax liability too ? A: Real Estate investors are liable for wealth tax annually on certain assets including immovable properties. However, one residential house is unconditionally exempt from wealth tax while residential property which is let out for a minimum period of 300 days during the year is also not liable to wealth tax. In computing the wealth, the borrowing specific to the purchase of a property which is subject to wealth tax is deductible. Wealth tax is levied on all taxable properties at 1% of the value exceeding INR 1.5 million.
Q: Is Jain Properties South Delhi, a registered agent in Delhi NCR ? A: Yes Jain Properties South Delhi is registered under service tax & also authorised channel sales partners of all the 10 'A' rated developers of New Delhi NCR region.
Q: What is the advantage in going for an original booking through Jain Properties South Delhi, as compared to going directly to the builder ? A: The builder will tell you only the positives of his property, in addition to all the negatives of competitor projects. Whereas a good realtor will give you various options (by 'A' grade promoters only) & will tell you all the strengths & weaknesses in every property.
Q: How is Jain Properties South Delhi compensated ?
A: In case of original bookings of large projects, the developers pay brokerage to properties agents in Delhi, so buyers dont need to pay any commission. However for resale transactions or bookings of builder floors in South Delhi, the buyer is charged brokerage. |