Can OCI 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.
Can foreigner 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.
Can OCI sell inherited agricultural land in India?
However, as an exception, a non-resident Indian (a person resident outside India who is a citizen of India) or an Overseas Citizen of India (OCI) cardholder can acquire any immovable property in India (including agricultural land) by way of inheritance from a person resident in India.
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 an OCI inherit agricultural land?
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.
How can I avoid capital gains tax on inherited property in India?
The first option is it can be done by reinvesting the gains in another property. This can be claimed when the long term capital gains are less than Rs. 2 crores and the reinvestment is done only in a maximum of two residential properties located in India.
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.
How can I transfer inherited property in India?
Once they finalise the distribution, heirs can draw a family settlement deed where each member signs, which can then be registered for official records. To transfer property, you need to apply at the sub-registrar’s office. You will need the ownership documents, the Will with probate or succession certificate.
Can I sell inherited property?
Nothing belonging to the deceased can be sold until probate is granted. However, there are often multiple beneficiaries of a will, such as if you are inheriting property with siblings, so it can make sense for the property to be sold as quickly as possible after probate is granted.
What are the disadvantages of OCI card?
For OCI Cardholders
|2. No requirement for registering with local police authorities after 180 days.||3. Not eligible for a government job.|
|4. No requirement for special permission to work and study||3.Not allowed to participate in Indian elections.|
|5. Similar benefits as NRIs on financial, educational.|
Can British citizen inherit property in India?
A Non-Resident Indian or a Foreign national such as UK, US or Canadian citizens can inherit the property in India from anyone including their relatives. The NRI can inherit property in India even from another NRI, subject to certain conditions.
How do I avoid capital gains tax when selling an inherited property?
Steps to take to avoid paying capital gains tax
- Sell the inherited asset right away. …
- Turn it into your primary residence. …
- Make it into an investment property. …
- Disclaim the inherited asset for tax purposes. …
- Don’t underestimate your capital gains tax liability. …
- Don’t try to avoid taxable gain by gifting the house.
What is the holding period for inherited property?
The holding period begins on the date of the decedent’s death. Inherited property is considered long term property. If you sell or dispose of inherited property that is a capital asset, you have a long-term gain or loss from property held for more than 1 year, regardless of how long you held the property.
Is there stamp duty on inherited property?
You do not have to pay stamp duty on a property you inherit. The only tax you may need to think about is inheritance tax, depending on the value of the estate being passed on. However, stamp duty could become a consideration when you decide what to do with an inherited property.