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Selling Property in India as an NRI: Legal and Tax Requirements

Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Jul 25, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Asked by Anonymous - Jul 01, 2024Hindi

Money

I live in Texas and I'm planning to sell a property I own in Mumbai. What are the legal requirements for selling property in India as an NRI and are there any specific taxes I need to be aware of?

Ans: I am not a legal expert. However, you need to be aware of capital gains taxes on selling your house property. Further, if it is a residential house property which is held for more than 2 years then you also qualify for a deduction on your gains that you make.

Please note recent budget changes in India on 23 July 2024 will be applicable and you may not get the indexation benefits on the property.

As an NRI, you can only take out USD 1M from your NRO account per financial year.

Please consult your CA before moving ahead.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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