Posted on Monday, May 28th, 2012
Investment in real estate plays a dominant role to the NRIs due to its rate of appreciation and the periodical returns on the investment.
According to the new investment norm, NRIs can invest through their representatives in India by giving a power of attorney to act on their behalf.
A copy of the power of attorney should be notarized with the Indian consulate in the respective country which will provide authenticity on their behalf for an investment in property in India.
If a NRI decides to acquire a house through a power of attorney, he can still proceed abroad. As the power of attorney holder accompanied by the actual possession of the property through the agreement to sell is deemed to be the owner of the property.
A general power of attorney in favor of the NRI?s relatives will enable them to sell the property and arrange to repatriate the sale proceeds through an authorized foreign exchange dealer after payment of the taxes due. They can also rent out the property and credit the proceeds to a NRO account.
RBI also said that any citizen who was earlier residing in a foreign country can own or transfer property or other assets in that nation if it was acquired during the time of his residence there.
For more real estate news:
Real Estate Property News
Real estate property articles
Source:? Economic Times
Tags: Investment in Real estate, investment norm, NRI investment in India, Property in India
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