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NRI Property Consultant Gurgaon

Who is NRI?

NRI means Non-Resident Indian. According to Foreign Exchange Regulation Act (FEMA) guidelines and policies for the Non-resident Indian, Indians is: The people who reside foreign for professional, carrying on business organization or career outside the country. OR The citizens who live in abroad for any other reason for not fixed time of stay outside the national country; OR Government officers who have professional career in overseas on an assigned Indian duty or where the Indian government officials draw their income through Government means.

Q. What kinds of Tax profits do NRI get?

Ans: Till date, there are not any tax profits accessible for NRI unless they record returns and thus become eligible to apply for the tax benefits as cited under Property Loans.

Q. What are the important considering points when purchasing a residential property?

Ans: Some important points when purchasing a residential property: Check the necessary amenities like educational institutes, shopping complex, entertainment centers, parking area, health facility and many more.

Plenty of water and electric supply
Expected for leasing or resale of the property
Car parking space
Cost elements: taxation, price, monthly maintenance, charges of utilities and transfer fees
Complete zone of the flat

Q. Is exchange of property possible with no consent of the RBI?

Ans.: Yes, it is possible as RBI has granted general approval for sale of commercial and residential property.

Q. What is the full form of PIO?

Ans: The full form of PIO is Person of Indian Origin means a person who or whose parent grandfather for forefather was a resident of the nation by merit of the Constitution of India or the Citizenship Act, 1955.

Q. How should a PIO or an NRI pay for the residential real estate property under the normal consent?

Ans: The fund transfer should be completed either out of internal remittance in foreign exchange through general banking transmissions, or outside monetary transaction from NRE a/c kept up with financial institutions in India.

Q. Is there any time limit for investment in Indian real estate?

Ans: Currently, there is not any time limit for investment. A buyer of property is free to transform it into money anytime.