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Buying Property from an NRI: Legal Rules You Must Know
Buying property from a Non-Resident Indian (NRI) requires compliance with FEMA and Income Tax laws. Payments must be made through banking channels to the seller’s NRO account—cash or foreign currency is not allowed. Under Section 195, buyers must deduct TDS at 14.95% on the full sale value and file Form 27Q within 30 days. If the NRI provides a lower deduction certificate, TDS can be reduced. Key documents include the registered sale deed, PAN, passport, EC, NOCs, and Power of Attorney if the seller is abroad. Buyers must also file Form 15CA and obtain Form 15CB from a Chartered Accountant before remitting funds. Always consult a lawyer and CA to ensure smooth compliance and avoid penalties.
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