Sell Property with Aadhar Card being required
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Has any NRI, Canadian Citizen sold a property in India without being asked for an Aadhar card to complete the transcation and move the money to Canada
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Smiley
Senior Desi
Member since: Mar 03
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Posts: 1185
Location: USA
 31-01-18 16:50:33
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Full House
Senior Desi
Member since: Oct 12
Posts: 2635
Location:
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01-02-18 02:31:15 |
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rajcanada
Admin
Member since: Jul 03
Posts: 2713
Location: Kitchener, ON
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Property transactions comes under state government and not under central government. So every state can have their own rules.
Aadhar card is not required for OCI card holders.
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05-02-18 06:25:02 |
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Smiley
Senior Desi
Member since: Mar 03
Posts: 1185
Location: USA
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Thanks
I did not apply for Aadhar card as I am an OCI holder but was concerned that when selling my condo in India should not face any issues. I hope their forms etc are user friendly with OCI holders etc
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05-02-18 13:47:26 |
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Full House
Senior Desi
Member since: Oct 12
Posts: 2635
Location:
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Watch out for the 10% LTCG Tax
There are more issues cropping up with the sale of a property and if you can verify, please do so. There is a 10% Tax on LTCG kicking in I believe after the 1st of April and you will lose that much for starters. They use to have a 3% Educational Cess and it is heading upwards too to a 4% level. All of this is new to me. But I am unable to give you all of the details as this hits the web. Apparently 1st of April of 2018 seems to be a starting date.
So, watch out. Sell it if you can prior to the dead line.
Good Luck.
FH.
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Quote:
Originally posted by Smiley
Thanks
I did not apply for Aadhar card as I am an OCI holder but was concerned that when selling my condo in India should not face any issues. I hope their forms etc are user friendly with OCI holders etc
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05-02-18 22:38:35 |
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Smiley
Senior Desi
Member since: Mar 03
Posts: 1185
Location: USA
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Thanks
I will keep my eyes and ears open ...
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06-02-18 13:12:00 |
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Full House
Senior Desi
Member since: Oct 12
Posts: 2635
Location:
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Sigh of relief. Hmmmmm .. LTCG of 10% Does not apply to R.E.Transactions.
Here is what I heard today. So, please verify the same as soon as you can.
Reason is.: That the Real estate Transaction is an illquid asset with low yields and high cost of sales transaction.
It is not so easy to find a buyer. Any real estate transaction can take minimum 3-6 months to complete
Rental yields are still very low. Which could be 2% - 2.5% at the most. Bank FDs give much higher yields than that
Last but not the least, the Cost of Stamp duty is at 5% plus, adds to the cost of transaction. If you are looking at
Real estate as an investment asset, the day you buy it, you are down by 6%. You need that much appreciation in
price to break even and that takes a long time in some cases.
Hope this clears the cobwebs and doubts.
FH.
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Quote:
Originally posted by Smiley
Thanks
I will keep my eyes and ears open ...
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Last edited by: Full House on 08-02-18 23:23:33 |
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08-02-18 11:42:54 |
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Smiley
Senior Desi
Member since: Mar 03
Posts: 1185
Location: USA
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Thanks for your Info
I need to sell and not buy ...
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08-02-18 15:11:11 |
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Many
Senior Desi
Member since: May 13
Posts: 113
Location:
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It helps to have a real-estate agent to execute a sell-buy transaction. He takes care of all required formalities for a consideration of course(commission). Yes there is TDS for an NRI (Mumbai experience)
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Many
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11-02-18 20:45:05 |
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Smiley
Senior Desi
Member since: Mar 03
Posts: 1185
Location: USA
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Do you know what the TDS rate is for an NRI ?
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12-02-18 12:46:36 |
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Contributors:
Full House(3) Many(2) MITRON(1) rajcanada(1) Smiley(6) |
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