Yes….it is possible to sell a house in USA without physically being there. One of my friend did this by giving a ‘Real estate power of attorney’ to another friend who took care of the transaction. Please note that ‘Real estate power of attorney’ is a ‘PoA’ for a specific property.
Can NRIs selling property in India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.
Do NRI pay property tax in India?
When an NRI sells property, the buyer is liable to deduct TDS @ 20%. In case the property has been sold before 2 years(reduced from the date of purchase) a TDS of 30% shall be applicable.
Can you bring a property sold in India to the US?
I sold property in India and want to bring the money to the US. Can I bring the money to USA and How can I do it? Yes, you can bring the proceedings to the US. It is recommended that you get the payment of the property through proper banking channels. Documenting proof is required for transferring money on sale of property.
How to transfer money from sale of property in India?
It is recommended that you get the payment of the property through proper banking channels. Documenting proof is required for transferring money on sale of property. The first step is to get a certificate from a Chartered Accountant (CA) in India.
Can a non resident Indian sell a property in India?
Sale of property purchased as a non-resident Indian If the property was purchased out of rupee resources, that is, income earned in rupees, or the home loan is repaid by a relative who is a resident of India, the amount must be credited in the NRO account.
Can a NRI sell a property in India and repatriate the proceeds?
An NRO account is a form of savings account where you can maintain and manage income earned in India. In the case of a residential property, repatriation of sale proceeds is restricted to less than or equal to two properties.
