Q: Hello! I have a property related question. I live in USA on Green Card status. I got a piece of residential land from my father vide through court's order. Basically my father (he is still living but wanted to take care of it) divided his property between me and my brother via the court procedure. I do not intend to sell the land right now. Possibly in future I will gift it or sell it to my brother. So for now there is no sale involved. My question is do I need to do any paperwork now like filing Form 3520 or something else? And in future when I decide to either sell or gift it to my brother how will the paperwork look like if gifted vs. sold. Looking for some advice/suggestions as I am not at all familiar with these things but kind of suspect that different approaches could have different financial ramifications. Thank you
Q: I have a commercial property in india . The rent has not been increased since the tenants moved in (over 25 years) what can I do? Can I evict them or increase the rent (tenant will not increase rent)
Q: Can an OCI be given Power Of Attorney?
Q: Can residential/commercial property be mortgaged by NRI?
A: The sale proceeds of immovable property acquired by way of gift should be credited to NRO account only. From the balance in the NRO account, NRI/PIO may remit up to USD one million, per financial...
Q: Is repatriation of the application money for booking of flat/ payment made to the builder by NRI allowed when the flat is not allowed or the booking contract is canceled?
A: The Authorised Dealers can allow NRIs / PIOs to credit refund of application/ earnest money/ purchase consideration made by the house building agencies/ seller on account of non-allotment of flat/...
Q: How long will it take to process an application?
A: can you please mention the application name which you want to process.
Q: Do NRIs require permission to transfer any immovable property to a PIO resident outside India?
A: No specific permission is required for NRIs to transfer any immovable property in India to a person resident in India.
Q: How should purchase consideration for acquiring immovable property in India, be met?
A: The purchase consideration should be met either through inward remittances in foreign exchange through normal banking channels or out of funds from NRI accounts maintained with banks in India.
Q: What is the position regarding the refund of the purchase consideration on account of non-allotment of flats/ plots/ cancellation of bookings in respect of immovable property by NRIs/ PIOs in India?
A: With a review to all credit to NRE/FCNR account of refund of purchase considerations by the seller on account cancellation of bookings, RBI clarified that it will be in order for authorized dealers...
Q: While purchasing real estate most developers demand Power Of Attorney and transfer of immovable property in India by a person resident outside India?
A: One can choose not to grant the Power of Attorney (POA) to the developers. However, this will mandate the mailing of all documents to your foreign residence and associated time delays. A good...