There is no restriction as to the number of properties owns in India.
Yes, RBI has given general permission to the NRIs to purchase immovable properties in India, the permission does not grant power to acquire any and every property in India. The NRIs are allowed to purchase only residential or commercial property.
However, NRIs cannot purchase any agricultural land or plantation property. NRIs cannot purchase a farmhouse in India.
A non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India.
The market value of property is the price that a piece of real estate could sell for in the current market situation. An official market value of property can only be assessed with an evaluation conducted by a professional valuer.
Following are the various modes by which the value of the property can be calculated:
- Conduct research.
- Calculate the square footage price.
- Estimate the market value.
If a person who is co-owner can sell his share in the property but not any specific part unless his ownership documents say so. Where owners of jointly owned property can’t agree on the sale of the entire property, a partition lawsuit to force its sale may be filed. In a partition lawsuit, the court can order the sale of the entire property and divide proceeds among its owners. Partition lawsuits forcing all owners in a property to sell that property are usually a last option. Courts always prefer squabbling co-owners to cooperate in selling the property before considering forced partition.
A son is a legal heir to his father’s property. If he inherits the property by way of a Will or natural succession; he can sell the same. It is important he gets the property transferred in his name upon the death of his father. If a Will has been left; a probate might have to be obtained and a mutation will have to be sanctioned thereafter.
Yes, the seller is liable to pay the tax.
Yes a seller who is a Non ResidentIndian can take repatriate the funds to his country of residence. There are requirements of the RBI which when fulfilled; the funds can be repatriated.
The only document that transfers title to a person at the time of sale or purchase is a registered sale deed. An unregistered agreement to sell does not confer any title.
Only a registered sale deed confers title. Sale through unregistered documents or through power of attorney is not valid.