Can a Canadian citizen sell property in India?

Can I sell my property in India and bring money to Canada?

Since i live in Canada now, do i need to make someone power of attorney for both Sale of the property and transferring of the money in Canada. You will need to work this with a bank in India. Normally as an NRI, you are allowed to take funds out of India. However, you will have to pay cap gains taxes in India.

Can foreign citizen selling property in India?

An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). One can also mortgage the property to an authorised real estate dealer or a financial institution dealing with home loans.

Do you need OCI to sell property in India?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

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Can a Canadian citizen own property in India?

Can Citizen of Canada do buying of Property in India? Sure! A citizen from Canada is permitted to purchase non-agriculture land in India without restrictions.

What happens when NRI sells property in India?

When an NRI sells property, the buyer is liable to deduct TDS @ 20%. In case the property has been sold before 2 years(reduced from the date of purchase) a TDS of 30% shall be applicable.

Can NRI sell property in India without going to 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 need to pay tax if I sell my property in India?

If you are planning to sell your property, you’ll have to pay capital gain tax on the profit earned after considering the inflation and indexed cost of acquisition. … If you’re selling a property in India, the profits you earn are called Capital Gains.

How can I avoid paying tax on selling property in India?

Exemptions from your Gains that Save Tax Section 54F (applicable in case its a long term capital asset)

  1. Purchase one house within 1 year before the date of transfer or 2 years after that.
  2. Construct one house within 3 years after the date of transfer.
  3. You do not sell this house within 3 years of purchase or construction.

Can NRI sell inherited property in India?

Foreign nationals of non-Indian origin, who have acquired immovable property in India by way of inheritance, with the specific approval of the RBI, cannot sell or transfer such property, without prior permission of the RBI.

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Do I need RBI permission to sell property in India?

RBI permission is required for sale and purchase of property in India by: Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan. Even to lease a property in India, RBI permission is required.

Can OCI holder live permanently in India?

Overseas Citizenship of India (OCI) is a form of permanent residency available to people of Indian origin and their spouses which allows them to live and work in India indefinitely. Despite the name, OCI status is not citizenship and does not grant the right to vote in Indian elections or hold public office.

Can OCI inherit property in India?

Inheritance: NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India.