Execution of Documents for the Transfer of Property in India by a Non Resident Indians (NRI) | Real Estate Attorney in Delhi NCR | NRI Legal Services in Delhi NCR |

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The laws relating to sale and transfer of property i.e. immovable property or the real estate are very clear, however, the Non Resident Indians (NRI) who are not residing in India and are staying abroad find it difficult to understand the Property Laws or the Real Estate Laws of India and execute necessary documents with respect to the sale and transfer of their property which includes a fractional transfer of share.

Transfer of Property as Gift or by Relinquishment way of Love & Affection which generally happens between the legal heirs including the agnates and cognates:
The transfer of property under this category is done by way of love and affection and/or as per the “Instrument of Partition” and/or as agreed by the inheritance holders of the said property.
The most important documents which needs to be executed under this category is/are:

1. Gift Deed of the Property
2. Relinquishment Deed
3. Special Power of Attorney (SPA)
4. No Dues Certificate
5. No Claims Certificate
6. Declaration

These documents are necessary to be executed and may be registered with the Sub-Registrar/Registrar and the Government fees towards registration of the documents and the Stam Duty is/are required to be paid.
Transfer of Property under a Sale
The transfer of property under this category is a commercial transaction and the same is a sale of property. The most important thing that the NRI should take into consideration is that he/she cannot sell his/her property below the circle rate i.e. the minimum rate or the price fixed by the Government per square feet or per square yards respectively. Further, this sale attracts liabilities towards taxation i.e. the Income Tax, Long Term Capital Gain Tax (LTCG) and the Short Term Capital Gain Tax (STCG).

The most important documents which needs to be executed under this category is/are:
A. Agreement to Sell Property
B. Sale Deed of the Property

These documents are necessary to be executed and registered with the Sub-Registrar/Registrar and the Government fees towards registration of the documents including sale and the Stamp Duty is/are required to be paid.

Thus, the above mentioned list clearly enumerates the list of documents which a Non Resident Indians (NRI) needs to prepare and execute before making any kind of transfer of property in India.

Authored By: Adv. Anant Sharma