As far as I know PIO card holder is similar to NRI's except for the selling/buying of Agriculture property. This article doesn't talk about PIO card holder. Does PIO card holder need approval from RBI for selling/buying property. As per http://mha.gov.in/pioscheme.htm they don't. Please clarify.
What are the rules and restrictions when the sale proceeds are directed back to their accounts by NRIs? The properties may or may not have been purchased with NRI's foreign earnings/
RE:What about returning the sale proceeds?
by Rathish on Sep 29, 2006 04:38 PM Permalink
At the best of my knowledge, NRIs can repatriate the sale proceedings of investments that are funded from their foreign earnings. For instance if you buy a plot from the money transferred through NRI account, you can repatriate this sale proceedings fully. But there is some time constraint between the purchase and sale like you can sell the plot only after certain years. For more info on this you can browse through RBI website.
Can I know whether an NRI /PIO can laon to an Indian Resident in INR or Foreign Currency? If Yes, what are the Provisions or regulations for its operation?
It was a good artical but it doesn't address a very imporatnt issue of dual citizenship. How those rules behave in case of a dual citizenship. Please shed some light on that too.
Hi I recently became british citizen.I was holding Indian passport before that.Can anyone tell me what are the sequences if I want to sell my properties(residential plots and house),which I acquired when I hold Indian passport.Do I need to pay any extra tax for that?
RE:How NRIs can sell the property in India
by saunak on Aug 21, 2006 07:58 PM Permalink
Babu, You are POI and you can sell your immovable property to any Resident of India, but if you want it to sell to any Non Resident/POI then you need a permission of RBI. So, it is advisable to go to India and sell your peroperty to Resident Indian.
RE:How NRIs can sell the property in India
by GagandeepP on Aug 21, 2006 09:12 PM Permalink
An NRI can sell its properties to any Indian resident or NRI or PIO. However a PIO can sell immovable property only to a resident of India.
In both the cases the required Capital Gains Tax shall have to be paid if applicable by calculating the Capital Gains either Long Term or Short Term.
Do revert fro any further info /querry Thanks.
CA. Gagandeep Cell: +91-98111-21322 gs55@ rediffmail.com
Whats the big gyaaan needed for ? Buying property in India is childs play for NRI's. Read todays "Times Of India" and its simple.
- Locate a charitable organisation with "contacts" in the corridors of power.
- Ask them to apply for land in Delhi or other metro's at subsidised rates to start a charitable organisation.
- They get subsidised prime property at Re: 1
- Pay them cash and buy it out.
- Everyone is happy and has full pockets.
Alternatively:
- If you can't locate a charitable organisation who can do it for you - open one yourself. Sooner or later someone will approach you you do it for you.
Sir, The yatra.com ad appearing on your website is very irritating and i request you to replace the graphic in intrest of your viewers. i think the graphic desigener is a hypnotic or what ???
