Indian diaspora may encounter hundreds of legal problems in property investment and finance. Legal solutions for NRIs are difficult to track but not impossible. Mostly, they catch up in two kinds of legal problems. The very first is related to property purchase and inheritance. And the second is connected to finance.
Since amendments are the yearly routine work of the government, so it is compulsory to stay alarmed and updated. As ownership of the property is categorized into two subheadings owned and rental, the legal solution for these is covered in this info graphic. Following ‘mutation of revenue record’, presenting duly registered WILL, succession certificate, original purchase deed, registration document, Encumbrance certificate and Khata are essential for conducting purchase and inheritance of the property. Property investment requires original share certificate (for co-operative society), No objection certificate (NOC), Assurance of no outstanding payments, Copy of approved plan, Occupation certificate, Lawyer certificate (in absence of original papers), PAN number and Form 60 (if lacking PAN no.). Thereafter, consulting a professional real estate consultant can do the job for you. Distance is the biggest barrier in smooth processing of property management. Thus, Power of Attorney (PoA) delivers them the power of discharging their responsibilities to their close one. This should not be general PoA and it should be undersigned before consulate officer. Tax settlement is another problem. So, NRIs should pay 20.6% tax as the long term capital gain. There is more tax related information for them that can be caught below:
