I myself was afraid to buy a 3 BHK property in Bandra from an NRI. I felt I would be cheated, but I really liked the property. I asked my uncle, a legal expert, to guide me, and that is when I learned about what factors to consider before buying property from NRI. It is very important to know such factors. If you are wondering what aspect to focus on when we buy property from NRI, this answer will help you out.
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What aspects are to be looked at before buying a property from an NRI?Buying property from NRI in India is okay, but make sure the owner and the property are legit. Here are some aspects that you must look at before investing and they are-
The seller must have the Permanent Account Number or PAN to execute the transaction. The buyer must have the Tax Deduction and Collection Account Number or TAN as without TAN, the TDS that the buyer needs to pay will not be deducted.
The TDS must be deposited within seven days of the month of the transaction
Make sure the deposit is made to the NRI or an NRO or FCNR account of the seller only
Make sure the NRI is present in India during the sale of the property. If not, make him/her give the SPOA to someone residing in India.
The payment for the NRI property should be made only to the NRI seller in his/her bank account
Make sure the NRI has the approval of the RBI for selling his property
In the end, make sure to get the sale deed verified and go through the clauses of the agreement repeatedly.
Once all these are checked, buying property from NRI will automatically become easy.
Read More:TDS for NRI selling property in India?
What is TDS on sale of property by NRI?
How can an NRI buy a property in India?
How to pay TDS on property purchase from NRI?
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When We Buy Property from NRI?
Aishee
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2023-04-24T10:35:13+00:00 2023-04-24T10:43:58+00:00Comment
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