Being an NRI, you would like to confirm whether you need a PAN card to sell property in India or not. Actually, if you are going to buy property as an individual NRI, you don’t need to have a pan card for the same. But when it comes to selling your property in India, you need to have a pan card.
Now, you would like to know whether you can sell your property in India without having a pan card or not. So, the simplest answer to this question is that you can’t. Here, you need to remember that NRIs need a pan card when it comes to evaluating the taxable income out of anything in India.
Since you are going to sell your property in India to make profit out of it, you need to have a pan card to pay your liable taxes.
When it comes to confirming whether NRIs need a 10-digit permanent account number to sell property in India, you need to keep the taxable income point in mind. So, NRIs only need to have a pan card when they have taxable income sources in India.
There was a time when buying and selling property in India by NRIs used to be a tough task to accomplish. But government of India decided to make rules and regulations easier and faster for NRIs buying and selling property in India.
Indian government started various schemes like PIO (Person of Indian Origin) and OCI (Overseas Citizenship of India). The main objective behind introducing these schemes is to help NRIs buying and selling property in India hurdle-free. So, here is a basic rule when an NRI goes through a property transaction, he/she doesn’t need to have a PAN card.
But there is a twist to the rule. But when NRIs sell property in India to generate taxable income, they need to have a pan card. The main motto behind having a pan card in India is to keep things under income tax department. It means that transparency in the process of property transaction can only be achieved when there is income tax department.
This is surely the main reason why NRIs need to have a PAN to sell property in India.
What Are the Documents Required for NRIs Selling Property in India?
Whether you are going to buy or sell property in India as an NRI, you always need to have a few documents for the same.
So, when it comes to selling property in Bangalore by NRIs, certain documents are always required. Here, one point should be noted that there are two types of documents i.e. documents under Central Government of India and state specific documents.
So, let’s check out a list of documents required for NRI selling property in India.
• When it comes to submitting proof of identity as an NRI, you need to provide passport. Here, you need to remember that NRIs don’t need to have only an Indian passport.
• When it comes to buying and selling property in India as your taxable income source, you either need to have a form 60 or PAN card.
• NRI need to provide address proof when it comes to selling property in India. There are various documents that can be used an address proof while buying or selling property in India.
• Sale deed can’t be ignored.
• NRIs selling property in India also need to provide allotment letter received from property developer.
• Encumbrance certificate.
• Tax returns documents should also be provided when it comes to selling property in India. These documents are required if your property is taxable.
• OCI or POI card.
• NRI who want to sell their property in Bangalore India need to provide a no objection letter or certificate.
The easiest answer to this question is a big yes. Of course, NRIs can sell their inherited or otherwise property in India without hurdle. The only problem comes when NRI aren’t capable of providing required documents.
If you are able to provide required documents to sell your property in India as an NRI, you can easily sell the same. Here, you need to remember that you can also easily buy property in India. Since Government of India has given special privileges to NRIs, now NRIs can easily sell their property in Bangalore, India.
So, whether NRIs want to sell their inherited or other property in India, they can easily do the same. Without any doubt, you would always like to confirm whether being an NRI you can sell property in India or not. So, you should know that it’s possible to sell property in India as an NRI.
It’s seen that most of the NRI get confused when it comes to selling their inherited property in India. There are various benefits behind this situation such as complicated documentation process, difficulty to find buyers and other issues. Obviously, it could be tough to sell property in India as an NRI.
What should NRI do to sell their inherited property in India?
The best answer to this most asked question is to avail services of a right property consultant in India. If you want to learn how to sell property in Bangalore as an NRI, you need to know about one of the top property consultants in Bangalore. Since there are lots of real estate agents or property brokerage companies in India, you may get confused about making a decision.
That’s why NRIs are advised to visit at Subh Homes. Here, you need to contact Vasu Jain, a real estate consultant in Bangalore. She is known for helping her NRI clients buying and selling property in Bangalore, India. She can guide you about how NRIs can sell their property in India for big profit.