Investment or merchandising a property in Indian land is easy and straightforward if you are an Indian. However, for NRIs, some documents are made obligatory so as for making an investment in Real Estate in India. Meeting the governments’ norms and guidelines set for NRIs funding in Indian real estate, following is that the list of documents to be provided by NRI while selling a property in India.
Address Proof
A valid address proof constitutes card, electricity or phone bills, insurance policy statements etc. are required to provide by NRI as his proof of residence abroad. At a similar time, NRI is needed to supply documents in support of his address in India country.
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 Indian passport, passport of any country shall work as the identity proof of that person. Even the holders of Overseas national of India and Person of Indian Origin cards, passport support the same rationale.
PAN Card
Even if NRI isn’t prone to pay taxes in India, thanks to the very fact that their financial gain is table within the country of their residence, it’s extremely counseled that NRIs should hold Indian PAN card if they want to buy property in India. PAN numbers are issued to NRIs with foreign communication address and it is needed at the time of sale of the property to claim tax-exemptions.
Sale Deed
It is a legal document which is basically an agreement executed by an NRI that he has purchased a property in India. It mirrors the essential confirmation of responsibility for property and one of the vital records during the time of deal.
Approved Building Plan & Occupation Certificate
For merchandising any reasonably property, associate degree approved building set up could be a mandate. Occupation certificates prove that the condominium has been given out via way of means of the constructing society or builder and has been occupied.
Encumbrance Certificate
In case of an apartment, residence or maybe if a land, encumbrance certificate states that no dues are pending to any legal authority. Hence it’s miles taken into consideration as one of the key record in executing any sale.
Documents from Society
To go ahead with sale method, a letter from apartment/society is needed stating that the vendor has no due payment towards the society. To ascertain possession of the property, a copy of society membership is additionally vital.
Allotment Letter
To bestow the property to 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, is mandatory. Properties given away on rent or lease generate earnings and hence, are taxable. In order to pay tax returns, Pan Card is needed.
In case of the absence of any aforesaid document, NRI is needed to get a certificate from an attorney as an evidence of his possession at the property. Although this document is admissible for sale, authentic report is a need to get the sale carried out at quicker pace.
