You can sell the property without OCI card
2) PAN Card and Aadhar card is sufficient
3) TDS would be deducted at applicable rate from sale consideration
4) sale proceeds have to be deposited in NRE /NRO account
Hi everyone, I recently obtained my Australian citizenship on 5th October 2023. I haven't renounced my Indian citizenship yet and haven't applied for OCI yet. It's just been 5 days since I got the citizenship. I have an urgent need to sell off an apartment property in Hyderabad, India. I plan to go to India as soon as possible and sell the flat by November or December. I do not have an OCI card and cannot get it before the sale of the house as it seems to take a lot of time. I also do not have my Indian passport with me. It is with VFS Global - Melbourne for a Police Clearance Certificate process. I will not be able to get it before going to India. It will take time. Therefore, no OCI, and no Indian passport. I will get my Australian passport soon and then apply for a tourist e-visa to go to India. Questions that I have are: 1. Can I sell my property without the OCI card and Indian passport? 2. I have my aadhar card, pan card and Australian passport. Are these enough? 3. Will I have any problems in taxation without the OCI card? 4. Will I be able to get money to Australia without any issues? Please advise. Thank you so much. Sana
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You can sell the property without OCI card
2) PAN Card and Aadhar card is sufficient
3) TDS would be deducted at applicable rate from sale consideration
4) sale proceeds have to be deposited in NRE /NRO account
Here are some of the answers and tips that you should know before going ahead with this deal:
These are some of the answers and tips that you should know before going ahead with this deal.
1. You can sell the property with your Australian identity card too.
2. Yes, that would be sufficient.
3. You have to LTCG as applicable for foreign citizen
4. You can transfer the money through normal channel
Acquisition and transfer of immovable property in India by NRIs / PIOs / Foreign Nationals of Non-Indian Origin is regulated in terms of Sub-sections (3), (4) and (5) of Section 6 of the Foreign Exchange Management Act, 1999 and circulars issued by RBI from time to time.
As a PIO you can transfer any immovable property in India (other than agricultural land / farm house / plantation property) by way of sale to a person resident in India. you can also transfer residential or commercial property in India by way of gift to a person resident in India or to a person resident outside India, who is a citizen of India or to a Person of Indian Origin resident outside India. Any transaction involving acquisition of immovable property is subject to applicable tax laws in India.
Dear client,
Congratulations on obtaining your Australian citizenship! Selling property in India as a foreign citizen can be a complex process, but I can provide some general guidance:
Selling Property without OCI Card and Indian Passport:
Generally, it is possible to sell property in India without an OCI card or an Indian passport. However, there may be additional documentation and procedures to follow.
You may need to appoint a legal representative or a power of attorney holder in India who can act on your behalf in property transactions. This person should be an Indian citizen or an NRI (Non-Resident Indian).
It's advisable to consult with a local lawyer in Hyderabad who specializes in property transactions to guide you through the specific requirements and documentation needed.
Documents Required:
Your Aadhar card, PAN card, and Australian passport are essential documents. These documents will help establish your identity and tax status in India.
Ensure that your Aadhar card and PAN card are linked to your property records to facilitate the sale.
Taxation:
Selling property in India may have tax implications, including capital gains tax. You should consult with a tax expert to understand your tax obligations and ensure compliance with Indian tax laws.
Not having an OCI card should not directly impact taxation, but it's important to follow all tax regulations.
Repatriation of Funds:
As an Australian citizen, you should be able to repatriate the sale proceeds to Australia. However, it's crucial to comply with India's foreign exchange regulations and tax laws.
You may need to open an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) bank account in India to receive the funds and then transfer them abroad.
Legal Assistance:
Engaging a local lawyer in Hyderabad who is well-versed in property transactions and can assist you with the sale process is highly recommended. They can help navigate the legal complexities and ensure a smooth transaction.
1. As per the Reserve Bank of India , an Overseas citizens of India (OCIs) and NRI don't require prior approval for buying or selling immovable properties like houses in the country.
- Hence, you can sell the property without the OCI Card and passport
2. Yes, it is sufficient to have Aadhar card and pan card
3. No
4. Yes, through NRE account