Purchasing a piece of land or apartment/flat requires huge investment. And this investment comprises of hard-earned money. A mistake can push an innocent in the trap of land-mafia or fraudulent.
This blog can work to guide the aspiring property investors for making a fair deal. Let’s start with property registration description.
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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.
FATCA Legislation
These days, most of the non-residents of India (NRIs) in the US are countering discomfort. India and the US governments have signed a deal under the banner ‘FATCA’ which is the US’ Foreign Account Tax Compliance Act. Since I have been living in America for half a decade I am very much aware of this act. It is ratification by the United States Department of Treasury and the US internal Revenue Service (IRS) that observes and takes action against the tax invasion in the US.
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Non-residents of India pass sleepless night if they own property or land in India. Its maintenance gives rise to unlimited worries which abandon their sleep. The leading query that frequently catches countless NRIs its prey is tenant management. Lending a house is quite easy but keeping a watch over tenants time to time is the toughest for all. Why is it so? Against this question of yours, I have some major reasons which drag NRIs to complexities and dilemmas if they hire a tenant:
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The only thing that keeps the mind of non-residents free from the tension of tenants is awareness. Tenants can cause headache if they don’t pay the requisite amount of the rent on the due date and keep on accumulating it as outstanding dues. Similar is the story of the utility bills, maintenance charges and repair expenses.
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NRI property management sounds easy but it is not. What if the tenant is not ready to either pay off rent or vacate the house? This situation is the most critical and troublesome because owner has to land here in India for taking legal action against the tenant. If the owner NRI is fortunate to have a good tenant then another fear factor penetrates his mind. This is of land mafia, who claims illegal right over his land. If so happens, he has to forget his right over his property for free.
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The job market for migrants is expanding these days in India. The reports in the news portals are clear indicators of lots of happing in India’s job sector. The surging demand for qualified professionals has provided pace to it.
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