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Property Purchase Agreement

How to conduct the purchase procedure?

A sale agreement must be drawn on a Rs 50 stamp paper, which will mention the final amount, advance payment, time limit to pay the due amount and details of installments. Once the sale deed is completed, you need to get it registered at the sub-registrar or Sub-District Magistrate. The overseas buyer’s foreign address has to be mentioned in the sale agreement. He can appoint a representative in India (with a power of attorney) to act on his behalf. The power of attorney should be notarised with the Indian consulate in the buyer’s country of residence.

What to check before buying a property in India?

​Few points of consideration are under:

  • Property name: The name of property should be clear from issues and the seller should have the required right to sell it, especially if it is inherited or any joint property.
  • No Dues Certificate: Always check that there will be no outstanding electricity/water bills or any other authority dues pending with the property. Take a no dues certificate from the seller at time of purchase.
  • Bank release letter: It is advisable to take the bank release letter from the concerned bank, if the property had been mortgaged as security in any type of loan.
  • Permits: The property of sale should have all approvals and permits from the civic authorities in terms of construction.

What are the sources to finance this purchase?

The payment for purchase of permitted property by an NRI can be made by way of remittance through banking channels from abroad or from money lying in their NRE/NRO or FCNR account. The money for purchase of the permitted properties has to come only through banking channels hence the payment cannot be tendered in the form of traveler’s cheques or foreign currency. NRIs are even allowed to finance the purchase with home loan in Indian Rupees. The home loan can be granted by the Indian employer of the NRI employee for the purpose of financing of the property.

Can Housing Loan of NRI / PIOs be repaid by close relatives of the borrower in India?

Housing Loan in rupees availed of by NRIs/ PIOs from ADs / Housing Financial Institutions in India can be repaid by the close relatives in India of the borrower.

Does NRI/PIO have to file return in India for their property rental income and Capital Gains Tax?

Rental income earned is taxable in India, and they will have to obtain a PAN and file return of income if they have rented this property. On sale of the property, the profit on sale shall be subject to 9 capital gains. If they have held the property for less than or equal to 3 years after taking actual possession then the gains would be short term capital gains, which are to be included in their total income as tax as per the normal slab rates shall be payable and if the property has been held for more than 3 years then the resultant gain would be long term capital gains subject to 20% tax plus applicable cess.

Can residential / commercial property be mortgaged by NRI/ PIO?

NRI / PIO can mortgage a residential / commercial property to:

  • An Authorised Dealer / the housing finance institution in India without the approval of Reserve Bank
  • No Dues Certificate: Always check that there will be no outstanding electricity/water bills or any other authority dues pending with the property. Take a no dues certificate from the seller at time of purchase.
  • Bank release letter: It is advisable to take the bank release letter from the concerned bank, if the property had been mortgaged as security in any type of loan.
  • A bank abroad, with the prior approval of the Reserve Bank.

HOW IT WORKS

1

SELECT A PACKAGE

  • Select a service that you require
  • Choose a suitable Package or Plan depending on the Work involved the Services required
2

REGISTER

  • Submit or eMail your Contact details or provide the Client Registration Form
  • Provide basic documents (relevant KYC)
  • Make payment (Gateway, NEFT, Cheque, or Cash)
3

DOCUMENTATION

  • Speak to our Advisor
  • Submit your remaining documents / details by any of the following modes:
    • eMail to info@TaxAssist.in
    • Courier to HelpDesk
    • Visit to our Branches
    • or even WhatsApp
4

FINALIZATION

  • Once we have finalised, we will send you the Draft for Approval
  • Once approved & submissions made, you will receive Final Documents from us by eMail, courier or visit.

DOCUMENTS

To initiate the process, we will request you to provide us the following basic documents:
(We donot require any original documents. The documents can either be Emailed, Couriered, Physically delivered to our branches or even Whatsapped to us)

    Resident (Individuals)
  • PAN
  • Passport
  • PIO, OCI (if applicable)
  • Aadhaar Card
    Resident (Corporates)
  • PAN
  • TAN, VAT, GST
  • MOA, AOA
  • Incorporation Certificate
    NRI's & Expats
  • PAN
  • Passport
  • PIO, OCI, CDC (if applicable)
  • Aadhaar Card


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