Yes, an NRI (Non-Resident Indian) can sell property jointly with a resident Indian. They can enter into a joint ownership agreement and sell the property together, subject to the necessary documentation and legal requirements.
Yes, an NRI (Non-Resident Indian) can indeed sell property jointly with a resident Indian. This allows for a collaborative approach and can be beneficial for both parties involved.
The process of selling property jointly with a resident Indian involves entering into a joint ownership agreement. This agreement outlines the rights and responsibilities of each party and ensures that both parties have equal ownership of the property. It is important to note that the necessary documentation and legal requirements must be fulfilled in order to legally sell the property.
One interesting fact to consider is that joint ownership can provide financial flexibility for NRIs. By partnering with a resident Indian, NRIs can leverage their local knowledge and connections to facilitate the sale of the property. This can make the process more efficient and potentially lead to a higher selling price.
Another important aspect to consider is the tax implications of selling property jointly. It’s essential to consult with a tax advisor to understand the specific tax requirements and implications in both the resident Indian’s jurisdiction and the NRI’s home country. This consultation will ensure compliance with tax regulations and help optimize financial outcomes.
In conclusion, joint selling of property between an NRI and a resident Indian is not only possible but can also be advantageous for both parties involved. Due to my practical knowledge and experience, I can confidently say that with the right legal documentation, joint ownership agreements, and professional guidance, this process can be smooth and successful.
“The best investment on earth is earth.” – Louis Glickman
Benefits of Joint Selling Property with a Resident Indian
|Leverage local knowledge|
|Access to wider buyer pool|
|Sharing of expenses and responsibilities|
|Potential for higher selling price|
Please note that the information provided is based on my own expertise and experiences. It is always advisable to consult with legal and tax professionals for personalized advice in specific situations.
A visual response to the word “Can NRI sell property jointly with resident Indian?”
The YouTube video titled “Complete Stepwise Property sell Procedure for NRIs in 2023 | Lower TDS Procedure Also Included” provides a comprehensive guide on selling property in India as an NRI. The video covers the step-by-step process, including signing a Memorandum of Understanding (MoU), making token and part payments, registering the agreement to sell, and submitting necessary documents to the bank. It also highlights the importance of obtaining a lower TDS certificate to reduce taxes and suggests starting the process early to avoid delays. The video aims to simplify the property selling experience for NRIs and offers personalized consultation for specific queries.
Other responses to your question
There are no specific guidelines under FEMA for purchase of property by NRI jointly with resident Indians. An NRI is allowed to sell or gift any immovable property to any resident Indian.
I am sure you will be interested in these topics
What are the rules for an NRI to sell property in India?
As an answer to this: 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. NRIs can claim exemptions under Section 54, Section 54 EC, and Section 54F on long-term capital gains.
Can a NRI sell property in India without physical presence?
The Procedure Of Selling a Property By An NRI
Finish the necessary documentation for the property sale. A trustworthy person can be given Power of Attorney (PoA) to complete the essential tasks even if the grantor is not physically present.
Can NRI sell property in India without OCI card?
Response: The Reserve Bank of India, in a clarification issued on Wednesday, has said that non-resident Indians (NRIs) and overseas citizens of India (OCIs) do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land, farm house or plantation property, as per the
Can NRI sell property in India to another NRI?
In this blog, we would venture into the various aspects of selling a property by an NRI. 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).