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Many NRIs prefer to invest their hard-earned money in a property in India. However, the legal aspects of buying property in India are slightly different for NRIs when compared to ordinary Indians. One of the main questions that plague NRIs is do NRIs need pan card? Further, many are unsure whether they can register NRI property in India without a PAN card. In addition, many people are unsure about the legal complications of buying property without a PAN card. Finally, before you decide to invest your earning in a property in India, you should also be clear about the tax implications for NRI buying property in India. This is applicable not just to India, but also the country of your residence. In order to ensure that you are armed with all the right information, we have carefully curated for you all you will need to regarding the role of the PAN card when NRIs buy property, whether the PAN card is compulsory and the tax implications for the same.
An NRI is an Indian passport holder, who does not reside in India. This status may change from year to year, based on your country of residence. PIOs (Persons of Indian Origin) and OCI (Overseas Citizen of India) do not hold Indian passports. They are foreign citizens but are Indian by birth or descent. Thus, while investing in India, there are different rules applicable. You should also note that as of 2015, the PIO and OCI schemes have been merged.
There is no rule that states that it is compulsory for an NRI/PIO/OCI to get a PAN card. This is definitely not needed if you do not plan to invest large amounts of money in India. However, as per the latest government regulations, services like opening a new bank account in India, getting a new credit card, investing in the stock market in India or making a purchase of more than INR 50,000, the PAN card is mandatory. However, if you have no taxable income from India or your income is below the tax threshold, then you can make use of Form 80 in lieu of a PAN card. This will allow you to open bank accounts without getting a PAN card. Note that this option is only open to NRI/PIOs/OCI holders.
There are certain situations where it would be beneficial for NRIs to have a PAN card. If you are planning to do any of the below, it is highly recommended that you get a PAN card, as this will make the whole process a lot easier for you.
There are some restrictions mandated by the government regarding property purchase for NRIs. These include:
As per the current laws, NRIs will need to pay taxes on their property in India unless there is rental income accruing from it. However, if you are selling property, a capital gains tax might accrue as well.
Now that you have an answer to the question of whether you can register NRI property in India without a PAN card, you are well on your way to making sound investments in India. We hope we have been able to answer questions like do NRIs need a PAN card? Now you know that it is not really possible to register NRI property in India without a PAN card. In addition, you should also have a clear idea about the tax implications for NRI buying property in India. We hope that this article has made your road to buying property in India just a little bit easier. Please feel free to drop us a comment in case you have any further queries. We would love to hear from you.
Q: Are NRO/NRE account holders eligible for loans against their fixed deposits?
A: Yes, except for the purpose of relending, carrying on agricultural/plantation activities or for investment in real estate business. Loans against NRE fixed deposits can, however, be utilized for...
Q: What is the maximum value of loans that can be taken against NRE/FCNR deposits?
A: The total value of all loans taken against NRE / FCNR accounts should not exceed Rs. 20 lakhs
Q: Can a loan be given to third parties on the security of an NRE/FCNR deposit?
A: Yes, a loan can be given to the third party on the security of an NRE/FCNR deposits.
Q: What are the purposes for which loans are given against NRE/FCNR deposits?
A: Loans can be taken against NRE / FCNR deposits for the following purposes:
*Personal purpose or for carrying on business activities
*Direct investment on non-repatriation basis by way of...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
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