Real Estate Facts - NRI

Here are some quick points for NRI's:

  • NRI's are eligible to buy property in India
  • NRI's are not eligible to buy agricultural land or farm houses
  • NRI will have to give a power of attorney to a resident indian to handle affairs or complete the purchase process in India.
  • NRI's are eligible for home loans and they are easily available.
  • NRI's can repatriate up-to $1 million each year to the overseas bank accounts.
  • Rental income from any property in India attracts taxes.
  • Sale of property is subject to taxes depending on short term or long term capital gains.
  • NRI's can inherit ancestral property
  • NRI's can receive gifts in the form of property.