Buying property from NRI/Foreigner
17-Dec-2023 (In Property Law)
Seller was NRI when he purchased property in India and Now after 6 year i am about to purchase same property from him but now he is Foreigner means have Australian citizenship.
1) so should buyer(means I) is liable to pay any tax. if yes so how much?
2) and Is seller PanCard genuine or not ? because now he is Foreigner.
Please help on this.
thanks
This is my response to you:
1. A person who had bought residential/commercial property/agricultural land/ plantation property/farm house in India when he was an Indian citizen, can continue to hold that property without the approval of the Reserve Bank after becoming an OCI card holder;
2. He/she can transfer the property only with the prior approval of the Reserve Bank of India. For more details, check the website of the Reserve Bank of India:https://www.rbi.org.in/scripts/FAQVie;
3. Consult a local lawyer and take steps.
1. A person who had bought residential/commercial property/agricultural land/ plantation property/farm house in India when he was an Indian citizen, can continue to hold that property without the approval of the Reserve Bank after becoming an OCI card holder;
2. He/she can transfer the property only with the prior approval of the Reserve Bank of India. For more details, check the website of the Reserve Bank of India:https://www.rbi.org.in/scripts/FAQVie;
3. Consult a local lawyer and take steps.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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