sale of property by nri - An Overview
sale of property by nri - An Overview
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NRIs are allowed to transfer property in India to somebody residing in India, another NRI, or an Overseas Citizen of India (OCI). The regulation permits the sale of residential and commercial properties, when agricultural land, plantation properties, and farmhouses can only be marketed to inhabitants of India.
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NRIs can minimize tax liabilities by investing the proceeds from the sale in specified government-authorized bonds underneath Segment 54EC or by reinvesting the sale amount of money in another property underneath Section 54F. These exemptions can drastically reduce or perhaps eliminate LTCG taxes if the situations are fulfilled.
Transferring proceeds from a property sale to an NRI’s abroad account necessitates adherence to distinct remittance regulations. NRIs are permitted to remit nearly USD one million for every monetary yr, which incorporates proceeds from the sale of up to 2 properties.
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TDS (Tax Deducted at Source) is another important facet of selling property in India being an NRI. Purchasers are required to deduct TDS at 20% for extensive-phrase funds gains or 30% for brief-time period money gains.
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Should the property is agricultural land, plantation property or farmhouse obtained By means of inheritance, it could click here possibly only be marketed (or given as a present) to Indian citizens completely residing in India.
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