Can you sell property in India without OCI card?
Table of Contents
Can you sell property in India without OCI card?
According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.
Can a US citizen sell property in India?
If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.
Do I have to sell my agriculture property in India to get an OCI card?
A: OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property. However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.
Are OCI holders allowed to buy and sell property in India?
Can an Overseas Citizen of India (OCI) card holder or NRI buy/sell real estate in India? As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties.
What is required to sell a property in India?
Sale deed is important as it traces the ownership of the property. It is necessary to prove the chain of previous agreements with past owners. Seller also needs to have a copy of the approved building plan and occupation certificate issued by the competent authority.
How can I sell my property in India and bring to US?
Yes, you can bring the proceedings to the US. It is recommended that you get the payment of the property through proper banking channels. Documenting proof is required for transferring money on sale of property. The first step is to get a certificate from a Chartered Accountant (CA) in India.