Sale of Immovable Property:

Sale of immovable property is explained under the Transfer of Property Act 1882 as a transfer of ownership by any person for a price paid or promised or partly paid and partly promised. However, understanding the law and its practical application in West Bengal and Kolkata can be two completely different things. For property sale by NRI in West Bengal, you need hand-holding and guidance from one of the best property lawyers in West Bengal and Kolkata who can guide you through the entire process. For specific consultation, you can check us out here.

Essentials of Property Sale by NRI:

a) There must be a seller and a buyer. And the seller and buyer must be competent to contract.

b) There must be immovable property.

c) There must be a transfer of ownership to the buyer by the seller.

d) Price is one of the main parts of the sale of immovable property.

Overview of Acquisition and Transfer of Immovable Property:

Any person who resides outside India and he is a citizen of India can acquire immovable property by way of purchase in India. But he cannot buy agricultural land or a farm house or plantation property.

NRI can transfer immovable property to:-

a) Any person who resides outside India and also a citizen of India.

b) Any person or individual who is originally from India but resides outside India.

Inheritance of Immovable Property by NRI in West Bengal:

An NRI can inherit the immovable property in India. An NRI can enjoy or is entitled to immovable property from any individual who is a resident of India or any individual who is a resident outside India. For more details you may consult one of the best property lawyers in West Bengal and Kolkata who have experience in dealing with NRI properties.

Some Methods of Transfer of Immovable Property:

1. Transfer by Sale:- An NRI can sell his or her property to any individual who is resident in India or to an NRI. An NRI can sell agricultural land or farmhouse or plantation property to any individual who resides in India and also a citizen of India.

2.  Transfer by Gift:-  An NRI can gift his or her commercial or residential property to any person who is resident in India or an NRI or PIO.

3. Transfer through Mortgage:- NRI can mortgage his or her property to any authorised dealer or housing finance institution in India- without the approval of Reserve Bank and also to a party who is living abroad – with prior approval of Reserve Bank.

The process of selling a property by an NRI:

• An NRI should hire one of the best property lawyers in West Bengal to find out the valuation of the property.
• An NRI must carry out all the paperwork related to the sale of immovable property with an experienced property lawyer.
• An NRI must understand the tax liabilities and get the property lawyer to file taxes.
• The tax is deducted at source TDS by the buyer at the time of making the payment but TDS rates vary for NRIs and only an experienced property lawyer can guide correctly.
• The sale amount is received in an NRO account and should be repatriated accordingly.

Necessary Documents required for property sale by NRI:

• Passport
• Overseas Citizen of India (OCI) card (if available)
• PAN Card 
• Address Proof
• Sale Deed
• Property Tax documents
• Mutation documents
• Society or Association related documents (if applicable)
  

Conclusion:

It can be understood from the above explanation that NRI can sell or acquire immovable properties in India with certain limitations. NRI property lawyer in West Bengal can guide you through the documentation to effectively sell your property. The conditions to acquire or sell or transfer property to any individual in India are mentioned above. So, it is better to consult with any legal advisor before acquiring or selling or transferring any immovable property in India. For further help with property sale by NRI in West Bengal and Kolkata, consult one of the best property lawyers in West Bengal here.