Property In India

Step 1: Transfer Title of Property After inheriting the property from your ancestors, the first thing you must perform is transfer the title of the said estate to your name. This can be achieved through the process "Mutation of revenue records". For this you need a copy of the will; in case there is none, a Succession Certificate from a local court would also work. Step 2: Get The Required Legal Documents in Order Here is a complete list of all the documents you need to sell inherited property in India The original Purchase agreement, i.e. Title document of said property. Original Share Certificate, in case of a unit in a co-operative society. No objections certificate, issued by the said society. A copy of the approved plan and the occupation certificate issued by the concerned authority, a municipal corporation. Lawyer certificate, if the seller does not possess the original documents mentioned above, a certificate from his lawyer declaring that he is the rightful owner would be required. PAN number, it is important to apply for a Tax Exemption Certificate under Section 197. Step 3: Identifying Preferred Sales Method To conduct the transaction for sale, the NRI can either hire a professional company or he can do it himself. These companies provide end-to-end solutions including buyer identification, handling legal issues, due diligence and tax issues. But for those services that they provide, they charge a fee, which is a percentage of the sales' consideration. Step 4: Finalization Of The Transaction This can also be pointed to as the actual sales process, and this can be further subdivided into the following steps: Identifying the sale value to sell inherited property in India, if you have hired a firm, they would provide you with the full data to determine the price like the value of similar properties in the same place. If you carry out the transfer yourself, you need similar data. Managing structure of the transaction, unlike the prevalent practice of using cash, which the NRIs do not favour, one can easily sell inherited property in India without considering the cash component. Issue an admit power of attorney, an Admit-PoA indicates that while the documents are being executed by the owner, the PoA holder would merely represent him in the registration office. Tax issues, immovable property sold after 3 years of purchase, is taxed at 20.6% in India. Moreover, in the case of NRIs, it is essential for the buyer to deduct taxes at the source, which is another set of complications for the NRIs to sell inherited property in India.

Property In India

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