{"id":1442,"date":"2018-05-10T09:21:00","date_gmt":"2018-05-10T09:21:00","guid":{"rendered":"https:\/\/www.testserver.eminenture.co.in\/test\/services2nri-new\/blog\/?p=1442"},"modified":"2024-08-12T12:10:30","modified_gmt":"2024-08-12T12:10:30","slug":"tips-monitor-nris-property-india","status":"publish","type":"post","link":"https:\/\/www.services2nri.com\/blog\/tips-monitor-nris-property-india\/","title":{"rendered":"Tips to Monitor NRIs Property in India"},"content":{"rendered":"\n<p><strong>NRI\u2019s problems related to property monitoring:<\/strong><\/p>\n\n\n\n<p>Do you own a property in India?<\/p>\n\n\n\n<p>It\u2019s a walkover if you live in India. You need not spend hundreds of dollars for visiting your own property. Neither would you worry about the encroachers. However, unscrupulous people tend to seize properties. But, if you make occasional rounds, it ensures that your fixed asset would be safe.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Now, see the\u00a0<a href=\"https:\/\/www.services2nri.com\/PropertyMonitoring\"><strong>property monitoring<\/strong><\/a>\u00a0from the lens of an NRI.<\/p>\n\n\n\n<p>Would he be able to make the rounds of his property now and then? Would he be ready to bear on overhead expenses in thousands of dollars once in a month? If he fails to take care of his property religiously, the day won\u2019t be so far when any land-mafia would take over your asset.<\/p>\n\n\n\n<p>Recently, a shocking incident of an NRI\u2019s property has surfaced the Economic Times. It spotlighted the trauma of the one belonging to the Indian diaspora. A non-resident from Zambia purchased a house in the name of his mother. But, his absence for several years gave his siblings an opportunity to acquire that property. His younger brother constructed it without asking the owner.&nbsp; And, he was unable to take any action against.<\/p>\n\n\n\n<p><strong>Property Inheritance:<\/strong><\/p>\n\n\n\n<p>However, an expat with an Indian passport is not allowed to invest in any immovable property. But, a relative or friend gifts to it, he can take its ownership. Moreover, he doesn\u2019t need to pay tax as a gifted property is exempt from it. The word \u2018relative\u2019 (who can gift the property) includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Spouse<\/li>\n\n\n\n<li>Brother\/Sister<\/li>\n\n\n\n<li>Brother\/ Sister of the spouse<\/li>\n\n\n\n<li>A lineal descendant or ascendant<\/li>\n\n\n\n<li>A lineal descendant or ascendant of the spouse<\/li>\n<\/ul>\n\n\n\n<p>But here again, you have to take care of that immovable property by self. Otherwise, the aforesaid problems will take a sneak peek. And, you might lose it.<\/p>\n\n\n\n<p><strong>Benefits of Property in India for non-residents:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Loan against rental income:<\/strong><\/li>\n<\/ol>\n\n\n\n<p>The non-residents can apply for 5-year loan upfront against the rental income. Or, they can deposit the paper of the real-estate as a security with the bank. In return, the bank would provide them short-term funds in India. Apart from banks, the housing companies do play the same role. Therefore, you would have a golden opportunity to get a loan.<strong>&nbsp;<\/strong><\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Repatriation up to $1 million:<\/strong><\/li>\n<\/ol>\n\n\n\n<p>If you use your property in India for generating rental income, you can repatriate that amount.&nbsp; But, that repatriation would be possible after three-year lock-in period. The lock-in period is the predetermined time.<\/p>\n\n\n\n<p>If it\u2019s generated from an inherited property, you can repatriate up to $1 million in a financial year. There is no lock-in period for this. You don\u2019t need to pay tax. But, you have to provide the documents and certificates attested by the chartered accountant.<\/p>\n\n\n\n<p><strong>Tips to monitor NRI\u2019s property in India:<\/strong><\/p>\n\n\n\n<p>Are you ready to fight with the encroachers and shady people in India?<\/p>\n\n\n\n<p>Bear in your mind that it\u2019s going to be an uphill battle if you sue from overseas. You can\u2019t visit on every trial. What you can do is to take these steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ask any relative or friend to take care of that property.<\/li>\n\n\n\n<li>Engrave a nameplate.<\/li>\n\n\n\n<li>Go for legal documentation, even if it\u2019s inherited. You must transfer all documents on your name.<\/li>\n\n\n\n<li>Pay taxes to the Municipal Corporation and other authorities. Pay through cheques.<\/li>\n\n\n\n<li>Keep photocopies of those cheques and documents in a safe place.<\/li>\n\n\n\n<li>Don\u2019t empower your attorney with unlimited authority.<\/li>\n\n\n\n<li>Specify which kind of authority you\u2019ve provided to him. Be it for maintenance and protection of that property, mention it subtly.<\/li>\n\n\n\n<li>Don\u2019t provide the authority to sell that property. Neither should you provide the power to agree over selling that asset.<\/li>\n<\/ul>\n\n\n\n<p><strong>Let\u2019s wrap up!<\/strong><\/p>\n\n\n\n<p>Being an NRI, you should keep an observer\u2019s eye on your property on a daily basis. However, it\u2019s impossible. But, you can do it with the help of your friends and relatives. Make them attorney, but while restricting their power. Keep all documents of that property, cheques of tax and their photocopies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NRI\u2019s problems related to property monitoring: Do you own a property in India? It\u2019s a walkover if you live in India. You need not spend hundreds of dollars for visiting your own property. Neither would you worry about the encroachers. However, unscrupulous people tend to seize properties. But, if you make occasional rounds, it ensures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[160,163],"class_list":["post-1442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nri-property-management","tag-nri-property","tag-nri-property-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tips to Monitor NRIs Property in India<\/title>\n<meta name=\"description\" content=\"The non-residents of India can monitor their property in India with the help of their relatives or friends.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.services2nri.com\/blog\/tips-monitor-nris-property-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips to Monitor NRIs Property in India\" \/>\n<meta property=\"og:description\" content=\"The non-residents of India can monitor their property in India with the help of their relatives or friends.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.services2nri.com\/blog\/tips-monitor-nris-property-india\/\" \/>\n<meta property=\"og:site_name\" content=\"Get Latest Updates on Document Procurement, Immigration &amp; 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