Mumbai has always attracted Non-Resident Indians ever since the country's financial capital started registering phenomenal infrastructure growth. NRIs based in different parts of the world prefer to park their earnings in Mumbai properties as compared to other cities of India. Various investment reports and trends clearly show that majority of NRIs are always on the lookout for prime residential properties in the city and the economic slump did not have any effect on their buying decisions. Also, with the Indian government coming up with new reforms and rule relaxations, it has become easier for NRIs to invest in Mumbai properties without much red-tape and delays. The government also relaxed FDI rules and cleared several key bills including the Real Estate Regulatory bill and Land Acquisition Act. These measures have further encouraged NRIs to invest in Mumbai and gain attractive returns in a short period of time.
As an informed investor, it is your duty and responsibility to research the property market well before you decide to go ahead with any property agreement. Some key questions have to be answered pertaining to the developer's market reputation, the projects, facilities, location advantage and payment options, to name a few. Sahana Realty promises valuable investment avenues in different key locations across Mumbai.
We are one of the leading real estate organizations in Mumbai and all our projects are accomplished by experienced architects, reliable contractors and intelligent planners to deliver exceptional results. We have a full-fledged team of real estate experts who are well-informed of the various market developments and accordingly, customize our offerings to cater to a diverse clientele. Signed by premium luxury and known for unmatched exclusivity, our residential landmarks set a benchmark of their own.
A Non-Resident Indian is a person living outside the country and who holds an Indian citizenship. Section 2(w) of the Foreign Exchange Management, 1999 defines an NRI as a "person resident outside India".
- If the person is residing in India for 182 or lesser number of days in the foregoing financial year.
- If the person has travelled outside the country to pursue his/her own business or take up an employment.
- When the person traveling outside the country is uncertain about his stay in the foreign land.
- NRIs can hold bank accounts in Indian banks.
- NRIs can invest in shares, deposits and securities with Indian companies.
- NRIs can invest in intangible properties in the country.
- PIO (Person of Indian Origin) - PIO is someone not holding citizenship of countries like China, Bhutan, Nepal, Iran, Afghanistan, Sri Lanka, Bangladesh or Pakistan and
• has held an Indian passport in the past, or
• Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).The general permission, however, covers only purchase of residential and commercial property.
- Non-Resident Indian (NRI) - An Indian citizen resident outside India.
Yes, NRIs are liable to pay short-term as well as long-term Capital Gains tax.
Capital Gains tax is calculated on Land & Building, house, development rights & jewellery.Percentage of TDS is 20.6% for long-term gains and 30.9% for short-term gains. For long-term capital gains, one can claim exemptions if -
- Selling a residential property and investing the money in constructing or buying a new residential property in a specific period of time. This exemption is bound by the sum invested in buying a new property or the capital gains earned, whichever amount is lower.
- Investing capital gains in Rural Electrification Corporation or bonds owned by National Highways Authority of India entitles one to claim complete exemption from the capital gains tax. The comparable gains are exempted in accordance with the 2007-08 Financial Budget. A limit of Rs. 50 lakhs is levied on investments that one makes in capital tax saving bonds.