Important Selling Tips for sellers advised by top NRI legal services in India are being presented for people residing abroad. https://www.ahlawatassociates.com
Possession Of PAN Card Is Mandatory The law governing PAN application specifically states that the sale or purchase of any immovable property by an NRI, the value of which is in excess of Rs 10 lakh, requires the possession of a PAN card. https://www.ahlawatassociates.com
Maintain Original Documents Of Inherited Property The majority of NRI land disputes are related to inherited property and to avoid any legal trouble and financial loss, it is essential to maintain the proof of possession of the asset in the form of original ownership documents. https://www.ahlawatassociates.com
Buyer Will Be Deducting TDS The Income Tax Act requires the buyer of a property belonging to an NRI, to deduct 20% of the sale value of the transaction before making the net payment. https://www.ahlawatassociates.com
Must Have an NRO/NRE/FCNR Account A genuine buyer will insist on the NRI seller having either an Non Resident Ordinary, Non Resident External or a Foreign Currency Non Repatriable account, in which the money for the transaction will be deposited. https://www.ahlawatassociates.com
Ensure That The Buyer Has TAN Any person purchasing a piece of property from an NRI must have a Tax Deduction and Collection Account Number (TAN), failing which penalties may be levied on the buyer https://www.ahlawatassociates.com
Contact us A-33, Lower Ground Floor, Defence Colony, New Delhi – 110024, India. Email: admin@ahlawatassociates.in https://www.ahlawatassociates.com