typically prepared by a lawyer and is signed by both the buyer and the seller.
Stamp Duty and Registration: Pay the applicable stamp duty and get the sale agreement registered at the local sub-registrar office. This step legally transfers the property to the buyer.
Bank Account: If you don’t already have an NRI bank account, open one to facilitate the transaction and to receive the sale proceeds.
Tax Deduction at Source (TDS): The buyer is required to deduct TDS on the sale amount and deposit it with the Income Tax Department. You will need to provide the necessary documents to the buyer for this purpose. For NRI’s there will be a deduction of 23.92% unless there is a lower TDS certificate issued by way of form 13
Repatriation of Funds: If you want to repatriate the sale proceeds abroad, you’ll need to follow the guidelines set by the Reserve Bank of India (RBI). Certain documents, including a certificate from a chartered accountant, might be required. One need to obtain 15CA 15CB certificate from a Chartered accountant
File Income Tax Return: You’ll need to file your income tax return in India for the financial year in which the property was sold, even if you don’t have any other income in India.
It’s important to note that the exact process and requirements may vary based on the specific type of property sale. It’s recommended to consult a legal and tax expert to ensure that you’re following the correct procedures and fulfilling all obligations.
If any NRI looking for above process feel free to contact us @9902977233 or email us at info@cainbangalore.com
