Your relative should execute specific power of attorney authorising you to sell the plot
2) POA should be on Rs 500 stamp paper and it should be duly attested before Indian consulate
3) her personal presence in India would not be necessary
My relative owns a plot of residential land in Hyderabad. She wants to sell it now but she is now a USA citizen and gave up her Indian citizenship. She does not have aadhar card. What documents are required to sell the plot legally in India and transfer the money to US? Also, should she be physically present during the sale or can this be done electronically?
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Your relative should execute specific power of attorney authorising you to sell the plot
2) POA should be on Rs 500 stamp paper and it should be duly attested before Indian consulate
3) her personal presence in India would not be necessary
Hi
1) Your relative can sell the residential land either by executing the sale deed in person in India or through a special power of attorney .
2) The power of attorney can be executed by your relative in USA by signing the document at the Indian Embassy/Consulate.
3)Thereafter the power of attorney holder can register the power of attorney and execute the sale deed at Sub-Registrar office having jurisdiction over the property .
4)The money has to be remitted in the NRO account of your relative first and then after obtaining clearances from Income Tax (capital gains Tax) and RBI (FCRA), your relative can transfer the monies to her bank account overseas. This is not a time consuming process, but a mandatory one.
Hope this information is useful.
1. Aadhar Card is not mandatory for sale, PAN Card is.
2. Either she will have to personally come to India to execute the sale deed or she may execute a GPA in favour of a blood relative to authorise him to sell the land for and on her behalf. It cannot be done electronically.
1. Your relative can sell her residential property in India, by producing the property documents, such as mother deed, sale deed, patta or khata of the property in her name mutated in the revenue records, latest Tax Paid Receipt, photo ID, etc.
2. Since she can't physically be present in India, she can authorise someone in India through POA to represent her, on her behalf to execute the sale deed in the jurisdictional Sub Registrar's Office to the prospective buyer in India.
3. It's better to appoint a blood relative as an Agent or Attorney through POA, so that the Stamp Duty will be minimal.
Thank you.
NRIs are also allowed to repatriate or bring money from India from the sale of a maximum of two residential properties. Sale proceeds should be credited to a non-resident ordinary (NRO) account.
If a NRI sells a residential or commercial property, the amount that was brought in India to buy the property can be freely repatriated.
A maximum of $1million can be remitted overseas from NRO account in a financial year after submitting a self-declaration form signed by the account holder and a certificate from a chartered accountant. Salaries, gains from stock options and other funds from abroad flow into non-resident external (NRE) rupee account.
Repatriation refers to the transfer of Indian Rupees from your Non-Resident Ordinary (NRO) Rupee Checking Account or NRO Deposit either in foreign currency to your overseas account or FCNR Deposit, or in Indian Rupees to your Non-Resident External (NRE) Rupee Checking Account.
Sending money abroad is known as repatriation or outward remittance.
If she is not able to be physically available for executing the registered sale deed in favor of the prospective buyer, she can execute a power of attorney deed in favor of any relative residing in India to complete the said task on her behalf during her absence in India.
You can ask her to give POA on your close relatives name and then can sell the plot and clearly mention on it that money should be transferred in her account. At the time of preparing POA kindly prepare infront of Indian Embassy Consulate office who sits in USA.
Thanks for the response. My relative wants to wait for the pandemic to be over to sell the plot for a good price. But she wants to make sure her 20-year-old son gets the plot in case something bad happens to her. Her son is also US citizen and lives with her in USA. Can she write a will or any other legal document in USA to make him her beneficiary? What is the process for it.
No need to make any WILL in the name of son. IF the son is only legal heirs, then add son name on the property by way of nomination of owner.