OCI Holder selling property in India

This query is : Resolved 
 


Querist : Anonymous (Querist)
12 February 2018

I am an OCI holder and an Australian citizen. I had brought a house about 7 yrs ago when I was an Indian citizen jointly owned by me and my brother, I bring the first owner. I wanted to sell this property now, for which I wanted to give POA to my brother (joint applicant for the Said flat). Questions are -

1. Is there a legal hurdle to this ? And what is required from my end for the same ?
2. I still operate a normal savings account here in India. Do I have to change it to NRE account ?
3. I have an aadhar card which was taken when I was an Indian citizen (without OCI), will I have to make any changes to this ?

Request your help pls. Thanks. Satish Iyer



Querist : Anonymous (Querist)
12 February 2018

Pls help urgently.

Vijay Raj Mahajan (Expert)
12 February 2018

1. No legal hurdle. Power of attorney duly notarized and with Apostille stamp in favor of your brother in India for selling share of property on your behalf.
2. That you have work out with bank for NRE bank account in India.
3. Changes in Aadahar card can be checked with UIDAI website.

Sri Vijayan.A (Expert)
12 February 2018

1. You can give PoA to your brother. You can execute in Australia itself, send it to your brother in India, he can adjudicate/ register the same in Registrar Office.
2. You may have to convert it into NRO, consult your bank official.
3. This may not be a problem. OCI who stayed for 180 days or more in the last 12 months can get Adhar. As it is the case, you got the Adhar when you were Indian, there wont be any problem

Ms.Usha Kapoor (Expert)
13 February 2018

yOU CAN SELL RESIDENTIAL AND COMMERCIAL PROPERTIES IN iNDIA. yOU OPEN NRE ACCOUNT. TO REPATRIATE YOUR FUNDS FOR BUYING OR SELLING. AADHAR Card also with Unique Identification authority. Website.You can check but would have to pay taxes where as if it is purchase of property you don't need to.A duly notarised POA you can give to your brother.



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