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Q. Can someone who does not live in India buy property there?

A. A NRI (Non resident Indian) and a PIO (person of Indian origin) can buy property in India just like any other Indian.

Foriegners are not permitted to purchse immovable property in India. Foriegners can only purchase in India through the formation of an Indian company.

Q. Who will let and manage my Property should I intend to buy to let?

A. In some instances the developer will manage and let your property for you, otherwise letting agents will do so for a small fee.

Q. What extra costs are there involved in completion?

 

A. The extra costs not detailed in the payment options include stamp duty and registration fees depending on where you purchase.

Q. What rate is capital gains tax?

A. Short term capital gains tax (less than 3 years) is 33.36%. Long term capital gains tax is 20%. India has double taxation agreements with UK and Ireland so tax paid in India can be deducted from tax owed in UK or Ireland. Rental income is subject to Indian income tax. This can be offset against costs in managing and maintaining the property.

Q. When can I sell my property?

A. This depends on the development and your contract with the seller

 

Q. Who will sell it and what fees are involved in this?

A. Your property can be marketed through a network of agents in India. There is normally a standard 2% fee paid to the agent who finds the buyer.

Q. Do I have to travel to India for any reason?

A. No. You can grant power of attorney to your solicitor in India.

Q. Is there a limit to how many properties I can buy?

A. No.

Q. Do I have to insure my property?

A. Yes.

Q. What about furnishing the apartments?

A. Standard practice in India is for a tenant to rent an unfurnished apartment and we are highly confident they will rent unfurnished.

Q. What is the legal procedure on completion?

A. As in the UK and Ireland all searches are done on the property to ensure clear title. Contracts and registration of title deals are duly notarised.

Q. Who appoints a solicitor for me?

A. The developer will help appoint a solicitor for you. You are more then welcome to appoint your own.