| Q: |
Can Non-Indians buy in India?
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| A: |
Yes, but only through a company structure the property must have comercial planning permission. |
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| Q: |
What taxes would be applicable if NRIs/PIOs sell the residential/commercial property in India?
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| A: |
If the property is sold at a profit then capital gains tax will become payable in India. |
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| Q: |
Is rental income arising from the NRIs/PIOs’ residential/commercial property taxed in India?
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Yes, rental income is taxable in India. |
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| Q: |
What is the rate of stamp duty payable in Goa on the purchase of residential/commercial property?
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| A: |
Stamp duty in Goa is payable at a rate of 2% of the market value of the property. |
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| Q: |
What is the registration charge payable in Goa upon the purchase of residential/commercial property?
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The registration charge payable in Goa is 2% of the market value of the property. |
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| Q: |
When should execute the power of attorney?
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Any time before the registration of the property in Goa. It should be forwarded to MLS at least one month before the date of registration of property in Goa. |
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| Q: |
Should the power of attorney be notarised and attested by the Indian High Commission in the UK?
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Power of attorney is required to be consularised (attested by the Indian High Commission in UK). Notarisation of the power of attorney is not required. |
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| Q: |
What happens if I do not pay any of the installments?
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The amount which has been paid towards purchase of property shall be forfeited. |
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| Q: |
Who do I pay the stamp duty and registration charges and when?
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You should forward the stamp duty and registration charges to MLS along with the final payment of the property. |
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