Buying property is quite undeniably that one aspiration that ranks high for all of us Indians. It has been ingrained into us over the years.
It is no surprise that being an Indian, no matter which part of the world you stay in today you would always want a property of your own in your motherland.
Is buying Real Estate for an NRI full of hassles and legal ambiguity? No it isn’t, a simple lack of awareness about correct procedures and appropriate properties is what’s lacking today.
The Reserve Bank of India governs such transactions and they fall under the purview of the Foreign Exchange Management Act (FEMA).
In a bid to demystify things for an NRI let me answer a few key questions I am often asked by NRI’s
1. Can I buy property in India? I am an NRI
Yes, of course you can! NRI’s can buy both residential and commercial properties in India with no limit on the number of properties.
NRI’s are not permitted to buy are agricultural land, plantation land and a farm house.
2. Do I need permission from RBI to buy property in India?
No, there is no need for any permission from RBI for an NRI to be able to buy
3. Will I be taxed in USA for my property that I will own in India?
In the United States, the US tax code does not tax deemed income, though you need to declare it.
The above where just a few common queries from many others that I have been asked.
I am travelling across various cities in the USA this month, If you are interested in knowing more investing in India, please feel free to contact me.
My schedule is as below:
13-16 March: Los Angeles
17-19 March: San Jose
20 March: San Francisco
21-23 March: Seattle
24-27 March: Chicago
28-30 March: New Jersey
30 Mar-1 April: New York
2-3 April: Philadelphia
4-5 April: Washington
If you are in any of these cities , Please feel free to reach out and I will be more than happy to guide you.
Looking forward to meeting you all, while I am in the USA.