Can OCI card holder sell property in India?

Can Canadian citizen own property in India?

Yes, Canadians who are residing in India may purchase immovable property in the country, however they must obtain approvals and satisfy any relevant requirements that have been imposed by governmental authorities such as State Governments.

Can OCI sell property in India with power of attorney?

As per the Registration Act, 1908, whenever an NRI sells or purchases a house property, both parties must be present physically while registering the transaction. If the buyer or seller is not present to sign the documents, a trusted person can be appointed as the Power of Attorney.

Can I sell my property in India and bring money to Canada?

NRI selling property in India will have to pay capital gain tax in India. Further, he/she can claim exemption from capital gains by investing in any other asset in India for claiming exemption u/s 54 and 54F etc. NRIs can sell property in India and can legally repatriate the money to Canada.

How NRI can sell property in India without coming to India?

An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). One can also mortgage the property to an authorised real estate dealer or a financial institution dealing with home loans.

How can I sell my property from abroad in India?

What is the new OCI rule?

It allows them to live and work in India indefinitely but does not grant citizenship or voting rights. In 2021, new rules were introduced, requiring OCI cardholders to seek permission for certain activities. Violating the rules can result in penalties and even blacklisting.

Can OCI holder live permanently in India?

An OCI card holder does not need a visa to live or work in India. An OCI card holder can stay in India for life time. It is important for an OCI card holder to ensure that they hold valid passports from their home country.

Can a foreign citizen sell property in India?

The full form of FERA is Foreign Exchange Regulation Act. The act came into force in 1973, stating any person who is not a citizen of India or any company which is not incorporated in the country is required to get permission from RBI to acquire, hold, transfer or dispose of an immovable property in the country.

What OCI can't do in India?

The OCI is not entitled to vote, be a member of Legislative Assembly or Legislative Council or Parliament, cannot hold constitutional posts such as President, Vice President, Judge of Supreme Court or High Court etc. and he/she cannot normally hold employment in the Government.

What are the restrictions of OCI holder in India?

Limitations of OCI

Having an OCI card implies that Indian Citizenship has been renounced and therefore, does not equate to having a dual citizenship with India. OCI card holders cannot do the following: Vote. Become a member of a Legislative Assembly or Legislative Council or the Parliament.

What are the rights of OCI card holders in India?

Following benefits will be allowed to an OCI: (a) Multi-purpose, multiple entry, lifelong visa for visiting India. (b) Exemption from registration with local police authority for any length of stay in India.

Can I sell property in India without going to India?

If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.

What is the tax on NRI selling property in India?

Tax deducted at source (TDS)

When an NRI sells property, the buyer is liable to deduct TDS @ 20%. In case the property has been sold before 2 years(reduced from the date of purchase) a TDS of 30% shall be applicable. NRIs can claim exemptions under Section 54, Section 54 EC, and Section 54F on long-term capital gains.

Do I have to pay tax if I sell my house in India?

But there is something which needs your attention, selling off property is liable for tax payment in India. The tax is paid on the sale of all property types except agricultural land. The property seller has to pay two types of taxes while receiving any income from the sale of immovable property.

How much money can be transferred from India without tax Canada?

Yes, every money transaction to Canada is taxable. Tax is collected on outward foreign remittances at source. You will be charged tax collection at source (TCS) of 5% if you send more than INR 7 lakh in a financial year.

How much money can NRI transfer to India from Canada?

There is no money transfer limit on how much you can transfer to India from Canada, at least none imposed by the Indian or Canadian governments. However, the specific money transfer or banking service that you are using might impose limits on how much they can accommodate in a single transfer.

How much cash can I carry from India to Canada?

While going abroad, Indian residents can carry an unlimited amount of foreign currency subject to filing of declaration form in case of condition of $5000 or $10000 prescribed and also it has to be purchased/issued by RBI approved foreign exchange dealers as per norms.

Can I sell my property in India with power of attorney?

A power of attorney is not a valid instrument to transfer property titles when buying or selling a property. However, due to the financial benefits, it provides to both the buyer and the seller, selling a property through a general power of attorney has become common practice in Indian cities.

Can NRI give power of attorney without coming to India?

The NRI principal does not have to be in India at the time of POA execution. The registration of a POA can be done in the country of their domicile through the Indian embassy. There are two ways of POA registration outside India- legalisation and apostalisation.

How much does a lawyer charge for power of attorney in India?

It will be called as "Power of Attorney for Consideration 0.5% (subject to a minimum of Rs. 1,000/-and maximum of Rs.