Golden Abodes
Blog / Website:
www.goldenabodes.com

 

Email address:

 

Contact Info:
Gauran Mittal /+91- 98608 15519
Amar Shah / +91- 98336 50672

 

Address:
B-606, Sai Orchards,
Pimple Saudagar,
Pune – 411027
+91 20 3065 2887

About Golden Abodes
Golden Abodes excels in providing real estate investment advisory and consultation, with focus to offer finest and outstanding investment options for people looking to invest anywhere in India.

 

Golden Abodes team is driven by passion and is known for applying the highest standards of quality and integrity in all the property services, with us you can be assured of an overwhelming experience. We value time of the client and only offer worthwhile opportunities that we think, you may like to know about and, perhaps, take advantage of.

As real estate consultant in the India, we provide our clients with a number of services in the core areas of Strategic Consulting, Agency Services, Asset Services and Project Management.

Questions on Real Estate
As an NRI Where should one look to buy property in India?

 

a. Before deciding to buy a property, one should finalise the objective of buying a property in India. Investment obviously is an objective. But the investment can be of two types: i. Along with investment, for personal use when you are in India a) For this you can look to buy in a city where you have your social circle or future scope of shifting due ... read more
In 2011 what parts of the world have booming real estate markets that appeal to HNI Indians/NRIs?

 

a.USA, UK, Singapore, Australia, Hong Kong, and Dubai. b.These are markets which have relatively free trade policies and are friendly to international trade or are excellent tourist destinations
Does an OCI/PIO need to be present in India for sale of Property?

 

a.No, it is not compulsory. The OCI/PIO can give registered Power of Attorney to another Indian citizen who can be present at the time of registering the sale of the property documents at the Registrar’s office.
Can an NRI buy Agricultural Land in India?

 

a.No, an NRI cannot buy agricultural land in India.
A lot of NRIs have Hereditary Pieces of Property in India that have been left to them, according to you, what is the best way to protect such property from squatters and thieves?

 

a.The best way to protect such property is to lease/rent it out. This makes sure that your property is well maintained and also protected from all unwanted hassles. This also adds to your bank balance!
What are the legal issues associated with an NRI/PIO buying business property in India?

 

a. What do you mean by business property? If you mean commercial property/premises, then there are not legal issues. It is the same process as buying any residential property in India. The NRI/PIO buyer needs to pay money to the seller in Indian Rupees through an NRE/FCNR account and register the sale documents at suitable registrar's office. ... read more
Is there a limit to the number of investment in acquiring commercial properties in India?

 

a. No, there is no such limit.
Can a foreigner of non Indian origin acquire by way of purchase or gift, immovable property in India?

 

: No, a foreigner of non-Indian origin cannot acquire immovable property in India by any ways. But, if the foreign national is a ‘person resident in India’ as per of Section 2(v) of FEMA 1999, than he/she can purchase immovable property in India. In this case, he/she would need to obtain approvals and fulfil requirements, if any, prescribed by other ... read more
If an NRI wishes to acquire immovable property in India by way of lease for a period not exceeding 5 years, what is the procedure ?

 

There is no difference in the procedure. It's the same as any other Indian citizen would buy the property.
I am currently an Indian citizen applying for OCI. I have recently inherited land from my grandfather, will I lose it after changing status?

 

No, you will not lose the inherited land by changing your status.
Can I sell real estate in Bangalore by giving a power of attorney to my relative for registering the sale deed

 

Yes you can sell by giving a power of attorney (POA) to your relative but the POA needs to be a registered POA.
I want to buy a flat or land in gorakhpur Up. what are the procedures and cost are/

 

You need to speak to a real estate consultant in Gorakhpur for the costs.
I want to sell a property in India which I jointly own with my mother. I am paying all the mortgage amount as my mother has no incoome. I am an overseas citizen now. I have send my mother with power of attorney signed and sealed by the consulate. Do I have to pay taxes on sale of property, is there any way around it?

 

Yes, you will have to pay tax (short term or long term capital gains tax) on the total profit made by sale of the property. You can avoid this tax only if your current property is a residential property/plot of land. There are two ways in this. 1. You can do so by buying another residential property within two year of sale and worth an amount equivalent ... read more
i am an NRI currently. I had purchased a property in India when i was a RI out of domestic funds about 20 years ago. i wish to sell the same and repatriate the funds abroad after payment of taxes.nIs it allowed? and should i open an NRE /ac or an NRO a/c?

 

Yes it is allowed to repatriate the funds abroad subject to a maximum of USD One Million per financial year. You will need an NRO account for this as you had purchased the funds out of domestic funds.
Is there any legal problem for an Indian immigrant who has acquired American citizenship to invest in real estate projects in Rajasthan (India)? What is the legal fallout?

 

No, there are no legal problems. The only thing you need to keep in mind is that you can\'t invest in Agricultural Land.
Hi, I am US citizen and have few questions about buying commercial property in india 1. I am planning to buy a half floor (3000sqft out of 6000sqft total) in a three floor building. Is this legal to do in India. 2. I am planning to send money and invest some from the older properties in India to pay the intial down payment. In that case will the money reptriable in the future if I use NRE account for fund transactions 3. I will take loan for an amount of 25 lakhs, Can the interest on this tax deductible , I am planning to payoff the montly payment with the rent I get from the commerical. Is there any better way to get tax cuts and please let me know of any possible issues you might forsee

 

The loan component is tax deductible only in case of residential properties and not commercial properties. In case of rental from a commercial/residential property, 30% of rent collected in a financial year is tax deductible against maintenance/upkeep of the property.
I am Indian holding Indian passport and residing in UAE for last 3 yrs. I bought Agriculture land in India and register

 

We are a bit unclear on what your question is. If the query is whether there is any tax liability arising on your purchase of the agricultural land, then the reply is that there is no tax liability on the