Investment or merchandising a property on Indian land is easy if you are an Indian. However, for NRIs, some documents are made obligatory for investing in Real Estate in India. Meeting the government’s norms and guidelines set for NRI funding in Indian real estate, the following is the list of documents to be provided by NRI while selling a property in India.
Required documents for NRI for selling property
Address Proof
A valid address proof, such as a card, electricity or phone bill, insurance policy statement, etc., is required to be provided by the NRI as proof of residence abroad. At a similar time, NRI is needed to supply documents in support of his address in India.
Passport
An NRI should hold a valid passport if they want to sell a property in India. It’s not a mandate that they should hold an Indian passport. The passport of any country shall work as the identity proof of that person. Even the holders of Overseas Nationals of India and Persons of Indian Origin passports support the same rationale.
PAN Card
Even if NRIs aren’t prone to paying taxes in India, thanks to the very fact that their financial gain is a table within the country of their residence, it’s extremely advised that NRIs hold an Indian PAN card if they want to buy property in India. PAN numbers are issued to NRIs with foreign communication addresses, and they are needed at the time of the sale of the property to claim tax exemptions.
Sale Deed
It is a legal document that is an agreement executed by an NRI that he has purchased property in India. It mirrors the essential confirmation of responsibility for the property and is one of the vital records during the deal.
Approved Building Plan & Occupation Certificate
For merchandising any reasonably owned property, an associate degree-approved building set up could be a mandate. Occupation certificates prove that the condominium has been given out by means of the constructing society or builder and has been occupied.
Encumbrance Certificate
In the case of an apartment, residence, or maybe land, the encumbrance certificate states that no dues are pending with any legal authority. Hence, it’s miles taken into consideration as one of the key records in executing any sale.
Documents from Society
While selling property, a letter from the apartment or society is needed showing no dues on the vendor towards the society. To ascertain possession of the property, a copy of the society membership is additionally vital.
Allotment Letter
To bestow the property on the aforesaid person who holds it, a letter of allotment is required from the builder, society, or any relevant authority.
Tax Returns
In order to be demonstrated as an accountable citizen, tax returns on earnings from any source are mandatory. Properties given away on rent or lease generate earnings and hence, are taxable. To pay tax returns, a PAN card is needed.
In the absence of any aforesaid document, NRI is required to get a certificate from an attorney as evidence of his possession of the property. Although this document is admissible for sale, an authentic report is needed to get the sale carried out at a quicker pace.
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