Answer: A person resident outside India, not being a Non-Resident Indian or an Overseas Citizen of India, who is a spouse of a Non-Resident Indian or an Overseas Citizen of India may acquire one immovable property (other than agricultural land/ farm house/ plantation property), jointly with his/ her NRI/ OCI spouse …
How buyers can deduct TDS u/s 195 if they are buying a property from NRI ie property sale by NRI?
TDS is to be deducted by the buyer as per provisions of Section 195. The surcharge shall be subject to marginal relief: Where income exceeds Rs. 50 lakhs, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs.
Can OCI inherit property in India?
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. Funding: Housing loan can be availed to acquire the property from Authorised Dealer (AD) Bank or a housing finance institution in India.
Is OCI holder an NRI?
Individuals living overseas can be classified into three major categories — Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and Overseas Citizen of India (OCI). Non-Resident Indians (NRIs): Anyone who does not meet at least two of the conditions will be considered as an NRI for the previous financial year.
How much cash can you legally keep at home India?
Media reports said that the government would set a limit on the amount of cash that can be kept at home. The limit was speculated to be between Rs 3 to15 lakhs.
What is the TDS rate for Sale of property?
Rate of TDS on Sale of Property TDS on Sale of property is required to be deducted @1% if the property value is more than Rs. 50 Lakhs. This TDS is required to be deducted for all transactions after 1st June 2013 if the property transaction value is more than Rs. 50 Lakhs.
