Hi, I am planning to sell my property at Bangalore. I was Indian national when purchased this property 8 years back and now I have OCI status. I have below question regarding my property sale. 1. During acquisition of new citizenship my middle name is omitted in the foreign passport and OCI card. In the sale deed of this property, my name is based on Indian passport including middle name. At the time of the proposed property sale I'm planning to use my OCI card as the ID card. Do I need to have any kind of notary affidavit for this middle name omission?. 2. In the property sale deed, my Indian address is mentioned as I was located in India at that time. In the new sale agreement and sale deed document, can I still use Indian address (my native address) or should I give my foreign address. Appreciate for your quick reply.
1. it is recommended to have a notary affidavit when there is a difference in your name in different documents. However, since you are using your OCI card as your ID card, you may not be required to have an affidavit. It would be best to check with the relevant authorities in your area to know the exact requirements.
2. You can use your Indian address in the new sale agreement and sale deed document.
1. In the sale deed both the names can be mentioned and if necessary a notarised Affidavit can be produced.
2. It's adviced to give both your foreign address and Indian address in the sale agreement and sale deed.
3. Since you are an NRI, the buyer should deduct TDS amount towards Income Tax, which may come around 20%, if the sale consideration is less than Rs. 50 Lakhs and around 23%, if the sale consideration is more than Rs. 50 Lakhs. However the seller can apply for Lower Tax Deduction Certificate to the jurisdictional Income Tax Officer, who may reduce the percentage of TDS.
1) mention your foreign address as at present you are permanently residing in foreign country
2) in sale deed mention name as mentioned in foreign passport and OCI card and also mention formerly known asxxxx.
3) notary affidavit is not necessary
If your Indian address is still effective and has not become redundant, you can use it as permanent address and the USA address as the current address.
As far as name, you may have to either your old passport as identity or an affidavit for change of name to use your latest name.
In any case since you are a OCI now, you may have to pay the LTCG taxes as applicable for NRI/OCI.
Yes you can use Indian address if it's existing
1) If your OCI passport mention your father name any where like you are Son of ....
2) You can mention your OCI passport address.
It is advisable to have a notarized affidavit stating that your middle name has been omitted in your foreign passport and OCI card. This will help to avoid any confusion or complications during the property sale process. The affidavit can be prepared by a notary public and should be attested by the Indian embassy or consulate in your current country of residence.
The address that you should use in the new sale agreement and sale deed document would depend on your current residential status. If you are currently residing in India, you may continue to use your Indian address. However, if you are residing outside India, it would be appropriate to use your foreign address in the documents. In either case, it is important to ensure that the address provided is accurate and up-to-date.
