NRI Corner
Established in 1995, our renowned group has transformed cityscapes across Pune, Mumbai, and Bengaluru, setting new standards for bold, contemporary designs and engineering excellence. We take immense pride in our unwavering commitment to ethics and professionalism, consistently exceeding expectations in residential and commercial space development.
Benefit from our two decades of expertise as we assist you in navigating the complexities of the market. NRIs have found our offerings immensely attractive, thanks to the promise of global quality, remarkable returns on investment, and the unshakable trust associated with the Pride brand. Our dedicated team of experts is here to ensure a smooth and hassle-free investment experience, helping you seize the best opportunities in India.
The thriving real estate market in Pune, in particular, presents an array of investment prospects for NRIs. Take advantage of enticing financial schemes and impressive ROIs, making it an ideal time to invest with us – a trusted developer in Pune. Whether you seek properties for sale or wish to explore our latest constructions, share your requirements, and we’ll provide the finest solutions tailored to your needs.
When purchasing a property in India, we’ve got you covered with the required documents – a Power of Attorney, PAN Card or Passport, and an NRE or NRO account to facilitate transactions.Â
Join hands with Pride World City, and together, let’s turn your real estate aspirations into reality!
FAQs
Under the RBI guidelines, the following categories can freely purchase immovable property in India:
- Non-Resident Indian (NRI) – Citizens of India residing outside India
- Person of Indian Origin (PIO) – Individuals (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who:
- At any time, held Indian passport, or
- was a citizen of India by birth or otherwise by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property.
The general permission is not available to NRI/PIO for purchasing agricultural land/plantation/farm house in India. However, thorough specific approval of Reserve Bank such proposals are considered in consultation with the Government of India.
Owners are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Acquiring property does not fall under the inclusion of income tax. However, any income accrued from the ownership – rent or capital gain arising out of the sale of such property is taxable.
Rental income earned is taxable in India, and in such cases owners need to obtain a PAN and file return of income. On sale of the property, the profits on sale form capital gains and hence subject to tax return filing.
In case NRI/POI pays any tax on capital gains arising in India, he would normally be able to obtain a tax credit in respect of the taxes paid in India in his home country, because the income in India would also be included in the country of residence. The amount of the tax credit is dependent on the laws of the home country where the tax payer is currently a tax resident.
The general permission has been granted by the Reserve Bank for sale of acquired property. However, where the property is purchased by another NRI/POI, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.
RBI has granted some general permission to certain financial institutions providing home loans and authorized dealers to grant housing loans to NRI nationals for self-occupation, subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.
A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter.
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NRI Corner
Established in 1995, our renowned group has transformed cityscapes across Pune, Mumbai, and Bengaluru, setting new standards for bold, contemporary designs and engineering excellence. We take immense pride in our unwavering commitment to ethics and professionalism, consistently exceeding expectations in residential and commercial space development.
Benefit from our two decades of expertise as we assist you in navigating the complexities of the market. NRIs have found our offerings immensely attractive, thanks to the promise of global quality, remarkable returns on investment, and the unshakable trust associated with the Pride brand. Our dedicated team of experts is here to ensure a smooth and hassle-free investment experience, helping you seize the best opportunities in India.
The thriving real estate market in Pune, in particular, presents an array of investment prospects for NRIs. Take advantage of enticing financial schemes and impressive ROIs, making it an ideal time to invest with us – a trusted developer in Pune. Whether you seek properties for sale or wish to explore our latest constructions, share your requirements, and we’ll provide the finest solutions tailored to your needs.
When purchasing a property in India, we’ve got you covered with the required documents – a Power of Attorney, PAN Card or Passport, and an NRE or NRO account to facilitate transactions.Â
Join hands with Pride World City, and together, let’s turn your real estate aspirations into reality!
FAQs
Under the RBI guidelines, the following categories can freely purchase immovable property in India:
- Non-Resident Indian (NRI) – Citizens of India residing outside India
- Person of Indian Origin (PIO) – Individuals (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who:
- At any time, held Indian passport, or
- was a citizen of India by birth or otherwise by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property.
The general permission is not available to NRI/PIO for purchasing agricultural land/plantation/farm house in India. However, thorough specific approval of Reserve Bank such proposals are considered in consultation with the Government of India.
Owners are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Acquiring property does not fall under the inclusion of income tax. However, any income accrued from the ownership – rent or capital gain arising out of the sale of such property is taxable.
Rental income earned is taxable in India, and in such cases owners need to obtain a PAN and file return of income. On sale of the property, the profits on sale form capital gains and hence subject to tax return filing.
In case NRI/POI pays any tax on capital gains arising in India, he would normally be able to obtain a tax credit in respect of the taxes paid in India in his home country, because the income in India would also be included in the country of residence. The amount of the tax credit is dependent on the laws of the home country where the tax payer is currently a tax resident.
The general permission has been granted by the Reserve Bank for sale of acquired property. However, where the property is purchased by another NRI/POI, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.
RBI has granted some general permission to certain financial institutions providing home loans and authorized dealers to grant housing loans to NRI nationals for self-occupation, subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.
A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter.
