Can foreigners sell property in India ?
Foreigners can sell property in India. The process is a little more complicated than it is for Indian citizens, but it can be done. In this blog post, we will outline the process for foreigners who want to sell property in India. Keep in mind that this information is subject to change, so please check with your local authorities before you begin the process.
The first step is to get a Permanent Account Number (PAN) from the Income Tax Department. This will allow you to open a bank account and transfer money related to the property sale. You can also use this number for registering at the Sub-Registrar’s office, where you will need to register the sale deed of the property.
The next step is to acquire a Unique Identification Number (UID) from the Ministry of Home Affairs, which will be required in order to register and sell the property. You must also obtain an authorization letter from the Reserve Bank of India (RBI) for remitting funds abroad. This should include your name, address, passport number and PAN number.
Once you have all of these documents, you can proceed to register the sale deed at the Sub-Registrar’s office with the UID. The registration process will involve filling out an application form, providing supporting documents such as identity proof and address proof, paying a registration fee and stamp duty (which is typically 3-4% of the property’s value) and obtaining a registration certificate. After this has been completed, you will be able to transfer funds abroad using your authorization letter from the RBI.
It is important to note that there may be other taxes or fees associated with selling property in India as a foreigner, so it is best to check with your local authorities to make sure you are aware of all the requirements.
Overall, although it can be more complicated for foreigners to sell property in India, it is still possible and can be done with the right paperwork. Once all the documents are obtained and approved, the rest of the process should go smoothly. Good luck!