Legal information for NRIs with frequently asked
property transactions in India.
Sale Reserve Bank of India has given permission to foreign citizens of Indian origin to sell a property. However, wherever the property is purchased, the funds towards the purchase consideration should be either remitted to India or the paid out of balances in NRE/FCNR accounts.
Renting Reserve Bank of India permits you to rent out any immovable residential/commercial property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
Finance You can either pay through rupee-denominated NRO or NRE and FCNR accounts. Loans are readily available and can be taken from any Indian bank within India, or from a branch of any Indian bank in your country of residence.
Formalities Within 90 days from the date of purchase, you will need to file a declaration in the prescribed form with Central Office of Reserve Bank at Mumbai. You can also submit a final payment of purchase consideration along with a certified copy of a document evidence of transaction and the bank certificate of the consideration paid.
Documentation Passport, proof of residence and PAN card.
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