Make srikumar as your homepage

< >

 
 
 
Please check "WHAT IS NEW?"  to see new pages we are adding. Enjoy

CAD Free stuff | NRI | Jobs | Home pages Education | Kids | Movies | Games | Music | Indian Music | A  to Z topics | Science| Job Posting | What is New? |

 Engineering| Alumni | Health | Sports |Tourism |Computers | Business | Oman 123| 3D perspectives | Chat Free downloads |Shopping | Family | Comments
Articles| Advertising | Cooking | Humour | Interior Design| Marketing | Study Abroad |Toastmasters| Useful Tips | Subscribe Newsletter
 

 
Home
Art of Living
CAD
Cooking
Education
Engineering
Freestuff
Feng Shui
 
< >
 
Festivals
Games
Health
Question papers
Humour
House plans
Jobs
Interior Design
 
Jokes
Kids
Music
Movies
NRI
Oman123
 

 

Contact:
L.Srikumar Pai
B.Sc( Engg.), MIE, MIWWA, MICI
Civil Engineer & CAD Specialist
Web master

See my 3d perspectives using AutoCAD & 3DS Max.
3D Album
New

A non-resident Indian can remit $1 mn from property sales
NRI | Main Article page | Beauty articles |  Health page | Computers| Diseases | Education | Family
Fitness
Fruits and Vegetables |
Jobs | General | Personality| Technology | Tourism

 

 

The prices of ancestral properties left in India by emigrating non-resident Indians (NRIs) have escalated beyond their belief. Little wonder they have developed a new and intense interest in claiming their share, especially with recession biting hard in the West. In the last few years, the ancestral homes in India are valued in crores.

So these amounts become very attractive for NRIs to claim and remit. In the recent past, the Reserve Bank of India (RBI) has revised the maximum amount that can be sent abroad without special permissions. However, these properties should not be agricultural land, a farm house or a plantation.

An NRI/PIO is allowed to send abroad up to $1 million from the sale of property in any one financial year. This amount should be the sale proceeds of property inherited by him out of rupee funds. This transfer is subject to production of documentary evidence in support of acquisition, inheritance or legacy of assets by the NRI, and a tax clearance or a no objection certificate from the Income Tax Authority. The $1 million remittance can also be made from the balances held in Non Resident Ordinary Rupee (NRO) Accounts.

After taking a dip following the financial crisis of 2008, property prices have bounced back and how. Despite the high price rise, more and more NRIs are keen to buy properties in India. Who can buy property in India? An NRI who is a citizen of India but residing outside, or a Person of Indian Origin (PIO). A PIO is defined as an individual (not a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who has held an Indian passport at any time or whose father or mother or grandfather or grandmother was a citizen of India.

The laws related to immovable property in India are complex and are not uniform from one state to another, said Rajan D. Gupta, a senior lawyer and a qualified accountant with SRGR Law Offices.

"A major concern is to determine the clear and marketable title of the land under question and to ensure that the land under question is free from any encumbrances such as litigation, prior mortgages, any third party interest or rights and any governmental actions such as compulsory acquisition proceedings," said Gupta.

"Again, in case of properties, especially agricultural properties, which are owned by farming families, there are a number of family law issues which again are myriad as there are a number of religions in India and most of them have their own characteristic legal frameworks."

Gupta said to ward off such issues and be almost certain about the legal status of the property to be acquired, it is advisable that a competent legal professional must be engaged to conduct a title check and due diligence of the property to be acquired.

"It is also important to engage such a professional who practises within the jurisdiction where the property is situated so that he/she is aware of the local legal compliances and issues," he added.

NRIs face many legal tangles about their properties in India. These relate to the purchase, transfer and ownership of property, power of attorney, management and eviction of tenants, remittance of the sale proceeds, illegal grabbing of their properties and other related issues.

Their legal cases have been pending in the courts for years, indeed decades. If an NRI is fighting a case with a resident Indian, he is at a disadvantage because the Indian is in no hurry while the NRI has limited time to attend to his case during his visit to India or make special trips for court appearances.

- IANS

 
Contact
Subscribe Newsletter
Personality
Reiki
Real Estate 
Stories
TV
Toastmaster 
Vaastushastra
What is New?
 
< >
 
Free MP3
Results
AutoCAD Blocks
3D Max textures
Printer Drivers
Entrance Test
IAS Topper
 
Public Speaking
Shopping
Study Abroad
Translation
Tourism
Useful articles
Useful Tips
 
 
 
 

 

 


About us | Submit your site |Suggestions | A to Z topics |Advertising | Auctions | Alumni | Arts | Astrology | Animals | BusinessCooking CAD| Chat | Computers | Disabled People
Environment | Education | Engineering | Family | Festivals | Freebies | Fun | Games | Health | India | Jobs | Jokes |Kerala | Kids | NRI News |   Movies | Music | Medicine 
| Photography | Religion | Reference | Science | Shopping | Sports | Tenders | Tourism | Vaastu shastra | Women | World | Zoo
Copyright www.srikumar.com 2009-2010