Quick Answer: What documents are needed to sell property in India?

How do I sell my property in India?

Steps involved in the Sale of a Property

  1. Deciding to sell and choosing an agent. …
  2. Determining the selling price and property inclusions come next. …
  3. Agreement with your agent. …
  4. Prepare the Vendor’s Statement for your property and the Contract of Sale through your solicitor or conveyancer.

Do you need OCI to sell property in India?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

Do you need a PAN card to sell property in India?

Pan Card For Property Registration: Is It Mandatory? In India, if an individual wants to proceed with any real estate property transactions, then it is mandatory for them to provide their PAN (Permanent Account Number) Card details.

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What is required for selling a house?

The most common documents you may need to include with the contract are: A zoning certificate. This is issued by local council and shows planning controls and other things which may affect the property, such as any proposed road widening. A drainage diagram.

Do I need to pay tax if I sell my property in India?

If you’re selling a property in India, the profits you earn are called Capital Gains. Whether these Capital Gains will be taxed is entirely up to the person receiving the benefits of a profit from sale, as he can choose to invest it in the given time frame and save himself from taxation on Capital Gains.

How can I sell my property quickly?

Quick tips to sell your home faster

  1. Choose the Right Broker. …
  2. Check Your Curb Appeal. …
  3. Ensure That Your House is Sparkling Clean. …
  4. Register Your Property Online. …
  5. Make Minor Repairs. …
  6. De-personalise, De-Clutter and Tidy Up. …
  7. Highlight the USP of the House. …
  8. Ensure that You are Flexible.

Can OCI get Aadhar card?

Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.

What are the disadvantages of OCI card?

The only disadvantage of OCI is that it takes longer time to process as it has to be printed in Delhi, while you can get visa in just 3 or 4 days. OCI card fees is higher than entry visa. 2. The time period of about 4 months to get the OCI is way longer than the visa which I believe is in days/weeks.

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What is the new OCI rule?

According to the new relaxed rule, those with OCI cards issued before the cardholder turned 20 years old only need to obtain a re-issued OCI card once when they obtain a new passport after reaching 20 years of age. Cards issued after holder turned 20.

Is PAN card required for land registration?

Is PAN Card mandatory for buying property, registration? Quoting Permanent Account Number (PAN) is mandatory for sale or purchase of immovable property for an amount exceeding Rs 10 lakh, the Central government recently told the Parliament.

Is PAN card mandatory for NRI?

An NRI needs a PAN Card if that NRI has got a taxable income in India. According to the new- rule of SEBI, any NRI not having PAN Card cannot do the share trading by depository or broker. PAN Card is also mandatory for an NRI if the NRI would like to invest in Mutual Funds.

Is PAN card mandatory for bank account?

PAN card is compulsory and is required for doing most financial transactions. The I-T department has made it mandatory to link your bank account with PAN. The main reason for this is that your income tax refunds will be credited directly to your bank account.

What tax do you pay when selling a house?

Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on a number of factors, such as your income and size of gain. For residential property it may be 18% or 28% of the gain (not the total sale price).

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When I sell my house do I get my deposit back?

Your solicitor transfers it to your seller’s solicitor when you exchange contracts on the sale. This is known as the ‘point of no return’, in that if you back out of the purchase now, you will lose that money. Your exchange deposit is typically 10% of the property price.

Do you have to tell the bank when you sell your house?

When you sell your home, you’ll need to understand a few issues related to that sale. For one, you’ll have to settle with your mortgage lender at your home’s sale closing. … However, mortgage lenders usually don’t need to be informed when borrowers put their homes up for sale, just when they actually do sell.

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