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Home / NRI / Can NRI Sell Inherited Property in India?
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Can NRI Sell Inherited Property in India?

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If you are an

NRI selling inherited property in India then you need not worry.

As an NRI (Non-Resident Indian), you can sell inherited property in India. Let’s explore the details:

  1. Tax Implications:

    • There are

      no taxes on inheritance of property

      for NRIs.

    • Capital gains tax applies only when the inherited property is

      sold

      .

    • The tax laws specifically exempt assets received through inheritance.

  2. Options for Dealing with Inherited Property:

    • Continue Ownership

      :

      • You can choose to

        retain ownership

        of the inherited property.

      • No taxes apply if you own only one property in India and keep it vacant.

      • If you own multiple properties, one will be treated as self-occupied, and others will be deemed to be let out (with notional rent taxed).

    • Rent Out the Property

      :

      • Renting out the inherited property generates

        taxable rental income

        .

      • The tenant may deduct tax at source (31.2%), or you can pay taxes while filing returns.

    • Sale or Gift

      :

      • You can

        sell

        the inherited property to a resident Indian, another NRI, or a PIO (Person of Indian Origin).

      • Alternatively, you can

        gift

        it to a relative (resident, NRI, or PIO).

      • If gifting to a non-relative, the recipient pays tax on the market value of the property received.

  3. Repatriation of Funds:

    • When selling the property, consider rules for

      repatriation of funds

      from India.

    • Under FEMA Section 6 (5), you may need

      RBI permission

      to take profits from selling an inherited property out of India.

 

This is also applicable for US citizen selling inherited property in India.

Get Legal Documentation for Property Online by Senior Lawyers at NoBroker Read more: What is the Penalty for Not Declaring NRI Status Need help with property registration and document verification? Contact NoBroker Legal experts to get end to end assistance here

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Advocate Apurva

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