A significant chunk of the real estate investor in India is NRI (non-resident Indians) driven. NRIs. Over the past few decades, NRIs have contributed to and benefited from the research estate boom in India.
If you are NRI planning to invest, here are some guidelines you must consider before buying a property:
According to the rules of RBI (reserve bank of India), NRI has to fund 20% value of the property from his own income and all transactions must be done in Indian currency. The government mandates that all the NRIs must have an Indian bank account. You could finance the rest 80% with home loans.
NRIs can save tax like any other Indian citizen. Under section 80C, NRIs can claim a deduction of Rs.1 lakh, when they invest in real estate. If you sell the property within three years from the date of acquisition, it will be considered as a short-term capital gain, and the income through the property is taxable. Experts advise investing wisely and selling the property only after three years to lower the taxes.
Power of Attorney
When you as an NRI buy an under-construction property and are not physically present in India then you have the right to give the power of attorney to the trusted associate/family member. The power of attorney shall enable your trusted associate to manage your assets in India efficiently.
The most critical part of the investment is finding a worthy property with prospects of great returns. Godrej eternity Bangalore is one popular property that offers 2BHK and 3BHK flats in the IT capital of India. Godrej eternity Bangalore offers special plans fitting the needs of an NRI and comes packed with stellar features.