Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

Non-Resident Indians (NRIs) and Overseas Citizen of India (OCIs) will no longer need prior approval of the Reserve Bank of India (RBI) to buy or sell immovable property like houses in India, other than agricultural land, farm house and plantation property, the central bank said on Wednesday. The clarification has been issued by RBI after received a large number of queries with regard to acquisition of immovable properties by OCIs in the wake of a Supreme Court judgement relating to Foreign Exchange Regulation Act (FERA). “At present, NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999,” the RBI said in a statem

  Dear Readers, Greetings to you, i have written this article earlier on my blog but thought to again update and repost this article as it's really very useful to make the order of property ownership documents. Benefits of keeping Property Ownership Documents UPTO DATE it will be  very beneficial to keep all of your property documents upto date  as per the law for various  reasons like if you decide to sell it or transfer it to your family members or relatives or anyone else or any unexpected unfortunate events where your family/relatives will require to know about documents because when you wish to do any property transaction as mentioned earlier by visiting registration authority then these list of documents are necessarily required else you have to first collect & arrange all these documents which will delay the process.  Also It's very important for new buyers looking to purchase in near future to be aware about which ownership documents to check while purchasing any pr

As discussed earlier about how to pay TDS on sale of property in my previous article where after submitting 26QB form and payment of TDS amount which will generate the challan copy online however process doesn't end here and after 7 days, one more form called 16B  has to be downloaded by visiting official website TRACES. H ere explaining in detail procedure of generating 16B form as follows:  Procedure to generate and download Form16B from TRACES Click  here  to register as taxpayer on TRACES with details of PAN and either detail of tax deducted or details of challan or details of Form 26QB. Also, enter the verification code and click on ‘Proceed’. Activation link will be sent to email id through which account can be successfully created If already registered login to TRACES  here  with username as ‘PAN’ and password Under downloads tab Select ‘Form 16B (For Buyer)’ Furnish details such as assessment year, acknowledgment no. of the Form 26QB and PAN of the seller Form 16B will now