Selling-Your-Indian-Property-as-an-NRI_-Document-Checklist-and-Guidelines

1. Selling Your Indian Property as an NRI: Document Checklist and Guidelines Selling property in India as a Non-Resident Indian (NRI) involves certain legal and documentation requirements. It's crucial to be well-informed about the necessary paperwork and procedures to ensure a smooth and legal transaction. In this article, we'll outline the essential documents required by NRIs whensell and rent your properties in Chennai, India. Title Deed: This is a fundamental document that establishes your ownership of the property. Ensure that your title deed is in order, and if there are any discrepancies, they should be rectified before proceeding with the sale. Encumbrance Certificate: An encumbrance certificate is a vital document that proves that the property is free from any monetary or legal liabilities. It is typically required for the past 15-30 years, depending on the state. Sale Agreement: A sale agreement is a legally binding document that outlines the terms and conditions of theproperty sale in Chennai, India. This document should be executed on a nonjudicial stamp paper and signed by both parties. POA (Power of Attorney): If you are unable to be present in India during the sale, you can appoint a trusted individual through a power of attorney to act on your behalf. This document should be notarized at the Indian embassy or consulate in your resident country. NOC (No Objection Certificate): It is required from the income tax department to ensure that there are no outstanding tax liabilities on the property. The buyer will need this certificate to obtain the property's clear title. Tax Compliance: Ensure that you have complied with Indian tax regulations. You may need to obtain a Tax Deduction Account Number (TAN) if the property sale attracts capital gains tax. PAN (Permanent Account Number): You should also have a PAN card, which is essential for any financial transaction in India. It's required for the sale of property and for the tax implications of the transaction.

2. Foreign Exchange Management Act (FEMA) Declaration: If the property was acquired when you were an Indian resident or as an NRI, you need to submit a declaration under FEMA. This form specifies the source of funds used for property acquisition and sale. Passport and Visa Copy: Copies of your passport and visa to confirm your NRI status. These are often required for property transactions. Bank Account Details: Provide details of your NRI bank account where the sale proceeds will be credited. Occupancy Certificate: If it's a newly constructed property, you may need to furnish the occupancy certificate. Municipal Tax Receipts: Ensure that you have cleared all pending property tax payments. Society or Apartment Association NOC: If the property is part of a housing society or apartment association, you may need a No Objection Certificate from them. Electricity and Water Bill Receipts: Keep copies of the latest electricity and water bill receipts. Aadhar Card: Your Aadhar card might be needed for identity verification. It's essential to consult with a legal expert or a chartered accountant who specializes in NRI property transactions to ensure you have all the necessary documents in order. Additionally, the specific requirements may vary depending on the state in India where the property is located, so it's crucial to check the local regulations and guidelines. Being diligent with documentation will help make the buy and sell property in Chennaiprocess more efficient and legally sound for NRIs.