• Property Card of the land on which the property is being registered is situated.
• No Objection Certificate (NOC) under the Urban Land Ceiling Act if the area of the land transferred exceeds the maximum limit.
• Contact details such as phone number, email address, person to contact in your absence etc.
• If the land belongs to a government or semi-government body then a No Objection Certificate from the government or that particular semi-government body must be produced.
• If the property being sold/purchased is in an old building and the benefit of depreciation is to be claimed on the market value, following papers are required to be submitted:
  • Municipal Assessment Bill of the building
  • Building Completion Certificate
  • Original registered agreement between the builder and original purchaser of that flat or of any other flat in that building

b) If necessary, all the documents should be reviewed by a lawyer within 15 working days.

c) Agreement is to be done within 15 days of booking.

d) Stamp duty must be paid before the execution of agreement and as per the market value.

e) Timely payment installments as per the work stages.

f) Possession agreement is required to be done between the buyer and the seller.

g) Keys will be handed after possession agreement and upon completion of the payment.

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The Government of India has entered into tax treaties or Double Tax Avoidance Agreements (DTAA) with several countries where Indians reside in large numbers. NRIs can benefit from this tax because these tax treaties often provide lower tax rates and exemptions in addition to those available under the domestic tax provisions.

NRIs are taxable on income accrued or received in India. Income earned and received outside India is not taxable in India. If an NRI comes back to India and loses his NRI status, he will not be subject to tax in India on his world-wide income if either of the following two conditions are satisfied:

1. He has been in India for not more than 729 days during the preceding seven financial years;
or
2. He has qualified as a non-resident for nine out of 10 preceding financial years.

An NRI coming back to India after a long stay overseas may be exempted from tax for first two years only if the above mentioned conditions are satisfied.

The Income-Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing officer to issue specific certificate authorizing the payer of income to deduct tax at a lower rate or nil rate as the case may be. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. Any NRI from whose income the tax is likely to be deducted can apply to obtain exemption for tax deduction on the basis that his/her income in India is less than Rs.1, 50,000/- per year or if the likely to be deducted tax is more than the estimated tax liability.

The following two deductions are available under the Income Tax Act, 1961.

Standard Deduction: 30% of net annual value is deductible irrespective of any expenditure incurred by the taxpayer.

Interest on Borrowed capital: Interest on borrowed capital is permitted as deduction if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. If the person has occupied more than one house then in that case only one house (according to his choice) is treated as self-occupied and all other houses will be "deemed to be let out".

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• Employment contract
• Passport along with latest visa stamp
• Identity card
• Latest salary slip
• Overseas bank account statement for last six months
• Proof of residence in India
• Proof of residence abroad
• Copy of appointment letter from the company employing the applicant

• Agreement papers of sale/ construction
• Receipts for payments
• Allotment letter from the co-operative society
• Latest tax paid receipt

The eligibility for NRIs does differ from Resident Indians. The criteria's included are:

• 1) Age:
  • a) The minimum age of the NRI applicant should be 21 years.
  • b) If you are a salaried applicant, the maximum age allowed at the time of loan maturity is 60 years.
  • c) If you are a self employed person, the maximum age allowed at the time of loan maturity is 65 years.
• 2) Qualification: The loan applicant should be a graduate.
• 3) Passport: You should have a valid passport.
• 4) Payment terms: The NRI has to pay EMI through his NRE/NRO accounts.
• 5) Monthly income: The applicant should have a monthly income of $ 2000.

Rate of interest will be as per the current rates and may vary, as different financial institutions have different rates. Possessing fees also varies between 1% and 2% depending on different financial institutions.

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• Earthquake
• Explosion or implosion
• Bursting/ overflowing of water tanks or pipes
• Floods, hurricane, storm
• Missile testing operations
• Burglary
• Lightning
• Aircraft damage

Some insurance companies offer their policy for the damage caused to the structure and contents due to terrorism.

Insurance companies insure the sum for the reconstruction value. Reconstruction value is the cost incurred to reconstruct the home if it is damaged. Sum insured is calculated by multiplying the built up area of the home with the construction rate per sq. feet, e.g. if the built up area of a house is 2000 sq. feet and the construction rate is Rs.1000 per sq. feet, the sum insured for the home structure is Rs. 20,00,000.

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• RFC account (Resident Foreign account): This account is available for those Indians who are permanently returning back to India.
• NRE (Non-Resident External Account) account (Savings/Current/ Fixed Deposits): This does not require prior permission from RBI. Many banks offer this facility.
• FCNR (Foreign Currency Non-Resident Account) (Deposits): FCNR Deposits are fully repatriable and the entire deposit is exempted from tax.
• NRO account Non-Resident Ordinary Account(Savings): NRO deposits are not repatriable (principal) except on current NRI income like rent, dividend, pension, etc. and remittances indicated under "Repatriation of NRO Funds" only after payment of taxes due in India. Interest is freely repatriable.

• Repatriation should be done via 'authorized person'.
• Income earned out of interest, dividends, rent, from any type of deposit, investment or properties is allowed for repatriation.
• Property against which remittance is sought should be acquired in accordance with the provisions of foreign exchange law in force and should be according to the laws.
• Repatriation is allowed only after obtaining special permission of the Reserve Bank of India on specific reasons such as adversity and subject to conditions as specified in the permission.
• Documentary evidence in support of acquiring the funds proposed to be remitted should be produced.

• NRIs/PIOs are permitted to repatriate the funds held in their NRO A/c up to US $ 100,000 a year where sale proceeds of immovable property held by them for period of not less than 10 years is subject to payment of taxes. If the property is sold within 10 years remittance can be made, only if the sale proceeds have been held by the NRI/PIO for the balance period in an NRO Account. Such NRIs are exempted from RBI permission.
• Any NRI holding immovable property in India, who does not match the eligibility criteria, mentioned in the above clause require RBI permission to repatriate property's sale proceeds.

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• Through banks: If you and your beneficiary have accounts in the same bank then this serves as the most convenient method for remitting money.
• Through Internet: Remittance through Internet is one of the ways of remitting your money in a quicker way but you should verify it very carefully.
• Through agents: Some organizations act as money transfer agents. Such organizations offer better conversion rates and charge small fee for funds.

• RBI has encouraged NRIs to use Indian or Foreign banks having branches in India to remit their money by creating awareness programs through the respective banks' websites.
• RBI has also suggested the banks to minimize the cost of remittances.

• It is important to check the limits of maximum amount that is to be transferred.
• It is a must to enquire about the rates before making your transaction since exchange rates provided by the service providers may vary.
• There are some online providers who will not refund your money in case of error. So it is advisable to check the creditability of the provider.

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• NRE Account: Non- Resident (External) Rupee Account for all NRIs: It can be maintained in current/savings/fixed deposit form. The funds in this account are totally repatriable.
• NRO account: It can be in the form of Savings, Current or Fixed Deposits in Indian Rupees. The funds in this account are not repatriable (only interest accrued is repatriable).
• FCNR [Foreign Currency (Non-Resident) Account (Banks)]: It is maintained only in fixed deposit form in the five major currencies namely US Dollars, GBP, DM, Euro, and Japanese Yen. The funds in this account are fully repatriable.

For interest rates, FCNR and NRE should not exceed the LIBOR/SWAP rates. In the case of NRO accounts, rates are determined by the banks. The interest rates apply to a period of 1 to 3 years.

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It is mandatory to submit PAN in all financial related transactions carried out in India and on tax returns. It serves as an Indian ID proof and is required for Demat account opening, buying real estate, stock investment, to get loan, while applying for visa or passport, rental income, etc.

• Identity and residence proof
• Colored photographs
• Code of the concerned Assessing Officer of the IT Department obtainable from the IT office where form is submitted

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• any person who at anytime has held an Indian passport
• he/she or his/her parents or grandparents who were born in and are permanently resident in India as defined by the government of India act, 1935.
• any person who is a spouse of a citizen of India or a Person of Indian Origin as mentioned above.
• nationals of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Bhutan, Nepal and China do not qualify for a PIO card.

• No separate tourist visa, student visa or employment visa required for visiting India.
• Separate counters for immigration are provided to PIO Card holders at International airports in India.
• Registration, only if he/she stays in India for more than six months at a stretch.
• Facilities like those available to children of NRIs for getting admission to educational institutions in India including Medical Colleges, Engineering Colleges, Institutes of Technology, and Institutes of Management etc. under the general categories.
• Facilities available under the various housing schemes of LIC, State Governments and other Government agencies.

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• Elimination of problems associated with physical certificates
• Saves stamp duty, paperwork on transfer deeds
• Gives immediate benefits from bonus shares and stock splits
• Way to get your money/shares faster
• Convenient mode of transacting shares
• Avoids delays due to wrong/incorrect signatures, post, and misplacement of certificates
• Prevents risks like forgery and counterfeit, theft or damage to documents
• Freedom of buying/selling shares through any broker of your choice

• The Repatriable Demat Account: This account is for the shares purchased by using repatriable funds.
• The Non-Repatriable Demat account: This account is for the shares purchased by using non-repatriable funds or when you were an Indian resident.

Banks i.e. Depository Participants offer Demat account. The advantage of holding an account with banks is that it enables quick on-line dealings, ensuring credit of a transaction to the account holder's savings account by the third day.

• PAN card
• Identity proof
• Address, date of birth proof
• A photograph of all the joint holders along with a crossed signature on it
• DP-client agreement on non-judicial stamp paper
• One photograph and signature of nominee

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