As an NRI, you will only be subject to the capital gains tax when you sell the inherited property.
FORM 15A INDIA HOW TO
If you are an NRI but you inherited the property when you were a resident of India, you have more control on how to sell, rent, gift or transfer the inherited property. You are not allowed to sell the property to a foreigner. 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). If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. Related Article: How To Pick Insurance For Visitors Coming To The US What Should I Know If I Have Inherited The Property And Am Trying To Sell It? You may also have to pay for out-of-pocket expenses which include fees for tax consultants and legal services.
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These firms usually charge 2% of the sales price plus 18% goods and services tax (GST). Some places to find brokerages firms in India include NRI India Services and Brokers ADDA, among others. Many NRIs opt for brokerage firms to help with the process of selling a property. If you won’t be in India for the sale of the property, you can designate a representative through a power of attorney. What If I Won’t Be In India For The Sale? $100K (joint filers) or $50K (single filers) on the last day of the tax year $150K (joint filers) or $75K (single filers) anytime during the tax year You may also have to file Form 8938 to satisfy Foreign Account Tax Compliance Act (FATCA) requirements if the value of your investments exceeds this threshold: You’ll need to file FinCEN Form 114 if the aggregate value of your investments exceeds $10,000. FYI: This NRO account may be considered a foreign financial account subject to US FBAR regulations. The sales proceeds from the sale of your property will be deposited in this account as dictated by the Foreign Exchange Management Act (FEMA). An NRO is a savings or current account that Non-Resident Indians (NRI) maintain to manage the income earned in India. Non-Resident Ordinary (NRO) bank account.
Seller’s Permanent Account Number (PAN), India’s version of the Tax Identification Numberħ. Cooperative share certificate – for properties in a society buildingĦ. Occupation certificate (OC) from the municipal corporation in Indiaĥ.
FORM 15A INDIA FREE
No objection certificate (NOC) showing that the property is not under litigation and it is free from debts (or liens)ģ.
Title of the property which should be in the seller’s nameĢ. Here’s a list of the common documents you’ll need to sell a property in India:ġ. Getting the Paperwork in Order Should Be A Top Priority Here’s a quick guide to the most crucial steps involved in the process of selling a home in India while you are halfway across the globe! – from selling the property to receiving the proceeds. Getting the funds to the US is tricky and the sale may have unanticipated tax implications. Often selling the property isn’t the hardest part. Is it possible to sell property in India if you are a Non Resident Indian (NRI) currently living in the US? The answer is yes but the process can be cumbersome.
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