White Grass Capital

As per India's Foreign Exchange Management Act (FEMA) 1999, an NRI or Non Resident Indian is a citizen of India or a foreign national of Indian origin living outside India for the purpose of employment, business or any other vocation, which would indicate his intention to stay outside India for an indefinite period of time. An Indian would also be termed as an NRI if his stay in India is less than 182 days.

PIO means an individual (not a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan), who at any time held an Indian passport, or who or either of his parents or grandparents were a citizen of India according to the Indian Constitution or the Citizenship Act, 1955.

A person of Indian origin (PIO) or a non-resident Indian (NRI) can make any number of real estate investments under the general permission act without any limit.

Yes.

Yes, the RBI has granted general permission for sale of property.

Yes. Under the general RBI guidelines, NRI/PIO may acquire residential/commercial property by way of gift from a person resident in India or an NRI or a PIO.

Non-Resident Indians and PIOs cannot buy property in India that is agricultural land, plantation or farmhouse.

No, an NRI or a PIO cannot buy a property in India jointly with a foreign citizen.

Non-resident Indians (NRIs) who aren’t physically present in India can still be able to buy property in India through the help of a power of attorney or agent, who can make the transactions on their behalf. Based on mutual trust and understanding, an agreement can be made between an NRI and their relative or lawyer/agent to execute the purchasing formalities of the said property through Power of Attorney executed on behalf of the NRI. The Power of Attorney formalities should be executed on stamp paper in front of the relevant authorities.

Under the general permissions available, an NRI/PIO may purchase residential/commercial property in India out of funds remitted to India through normal banking channels or through funds held in his NRE/FCNR (B)/NRO account.

Repatriation of proceeds of sales to a country outside India is possible, provided certain clauses are fulfilled. According to the Reserve Bank of India (RBI), the sales proceeds to be repatriated should not exceed the foreign currency brought into the country for the property’s initial purchase. Proceeds can be repatriated through an NRE account. The RBI has further made repatriation easier for non-resident and PIOs by removing the lock-in period for retaining the real estate investment before its sale. However, only the proceeds of two residential properties can be repatriated abroad.

1. Title Document
2. Channel Document
3. Encumbrance Certificate
4. Occupancy Certificate
5. Allotment Letter
6. Tax Receipts
7. Parking allotment letter
8. NOC from Building Society
9. Mutation Letter
10. Conversion Certificate (if Commercial)

The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to act for someone else. As such, a POA gives the agent or “attorney-in-fact” the authority to act on behalf of the principal (the issuer/owner/executant). The agent may be given “broad” or “limited” authority to act on behalf of the principal's property, finances or investments.

A power of attorney is a legal document that involves the agent or attorney-in-fact, and the principal. It is used in the event of a principal's temporary or permanent inability to be present and physically sign necessary documents. The principal must choose a POA who they trust to handle their affairs for them. Documents can be obtained online or through a lawyer. Both parties must sign the paperwork. A third party is usually required to witness it. Most POA documents authorize the agent to represent the principal in property and financial matters, for a period defined in the agreement and it automatically ends once the action or the task completed. A power of attorney can end for several reasons, as may be outlined in the clauses of the POA.

Yes, it is legal and safe, provided complete due diligence has been done by or by your professional agent.

Non-resident Indians or NRIs are also eligible for availing of NRI loans in rupees when buying property – just like any other resident Indian.

Apart from the documents mentioned under the home loan section for Indian citizens, NRIs are required to submit a few additional documents as well. These include: - A copy of the passport - Employment contract/ appointment letter/offer letter or any other document/agreement, showing current terms of employment - The power of attorney (POA). (POA is required because the borrower is not based in India - Copy of relevant pages of passport - Copy of visa/work permit - Most banks ask for a resident co-applicant or an NRI guarantor who will need to provide identity, address, and income proofs. - Utility bills (electricity, telephone, gas connection, etc.) - Driving license issued abroad - Government- issued national identity card or labour card or social card at the country of residence - Original copy of the latest overseas bank account showing overseas address - Salary certificate/slip for last three months - Bank account statement, showing salary credit for last six months This document may vary from banks to banks.

There is no difference between taxation for NRIs on sale of residential property as compared to resident Indians. NRIs who are selling house property which is situated in India have to pay tax on the capital gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gain. When a house property is sold, after a period of 2 years from the date it was owned— there is a long term capital gain. In case it is held for 2 years or less—there is a short-term capital gain. Tax implications for NRIs are also applicable in the case of inheritance. In case the property has been inherited, remember to consider the date of purchase of the original owner for calculating whether it’s a long term or a short term capital gain. In such a case the cost of the property shall be the cost to the previous owner. Long term capital gains are taxed at 20% and short term gains shall be taxed at the applicable income tax slab rates for the NRI based on the total income which is taxable in India for the NRI. Tax deducted at source (TDS) NRIs can claim exemptions under Section 54, Section 54 EC, and Section 54F on long-term capital gains. Therefore, an NRI can take benefit of the exemptions from capital gains when filing a return and claim a refund of TDS deducted on capital gains. Exemption under Section 54 is available on long-term capital gains on the sale of a house property. The exemption is also available under Section 54EC when capital gains from the first property sale are reinvested into specific bonds. Search and get your best Real Estate deal at WhiteGrassCapital here -https://www.whitegrasscapital.com/

WhiteGrassCapital has dedicated team for our NRI customers. Once you connect with us, you will be assigned a dedicated manager who can assist you and will guide you throughout the deal and post the deal. Search and get your best Real Estate deal at WhiteGrassCapital here - https://www.whitegrasscapital.com/

We don’t have any pre-requisite or reservations. Till you gets what you wish, you don’t have any compulsion to buy or invest with us.

If you buy or invest with us, as complimentary service, for first 3 month, we dont charge any commission on this our PMS (Property Management & Servives). So lets for example, After buying or investing, if you decide now to unlock the value of your Asset by deciding to putting it up for rent, corporate or other lease, renovation or any such, we provide assistance in all such services. Search and get your best Real Estate deal at WhiteGrassCapital here -https://www.whitegrasscapital.com/

Yes we have a dedicated team for this who can assist you and connect you with banks for the same. Search and get your best Real Estate deal at WhiteGrassCapital here -https://www.whitegrasscapital.com/

You can engage your lawyer. If you wish, we have dedicated and experienced legal team to do the same too. It will be a payable service.