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  Canada Immigration Forum > General > Our Native Country! > Sell Property with Aadhar Card being required
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Sell Property with Aadhar Card being required




Has any NRI, Canadian Citizen sold a property in India without being asked for an Aadhar card to complete the transcation and move the money to Canada
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Smiley

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Post ID: 236617 31-01-18 16:50:33
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Full House
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Independent Service providers for PCC etc.,

The last time a property was sold there by an NRI, and also a Citizen of another Country, the Registrar of Immovable Property there insisted that they get a set of finger prints and a set of Passport Pictures for attestation and insisted on submission of an Iris Scan from an independent source, (They have been there but branches have cropped up now) for the transfer of title. I do not know if there is one made available at the Registrars, (In HongKong they have added these features at Land Registry. May be they copied it from India)

They are getting very methodical in their procedures and there is NO AADHAAR Card, then the new procedure applies.

Hope this helps.

FH.

https://www.quora.com/What-is-the-process-for-land-registration-in-india

http://www.fingerprintexpert.in/fingerprints-for-pcc-thiruvananthapuram.html

https://eeas.europa.eu/sites/eeas/files/changes-in-schengen-visa-application-process-india_en.pdf
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Quote:
Originally posted by Smiley

Has any NRI, Canadian Citizen sold a property in India without being asked for an Aadhar card to complete the transcation and move the money to Canada




 
Last edited by: Full House on 01-02-18 02:31:30
Post ID: 236618 01-02-18 02:31:15
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rajcanadaMember of Administrators
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Location: Kitchener, ON


Property transactions comes under state government and not under central government. So every state can have their own rules.

Aadhar card is not required for OCI card holders.

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Post ID: 236658 05-02-18 06:25:02
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Smiley
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Location: USA


Thanks

I did not apply for Aadhar card as I am an OCI holder but was concerned that when selling my condo in India should not face any issues. I hope their forms etc are user friendly with OCI holders etc


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Post ID: 236661 05-02-18 13:47:26
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Full House
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Watch out for the 10% LTCG Tax

There are more issues cropping up with the sale of a property and if you can verify, please do so. There is a 10% Tax on LTCG kicking in I believe after the 1st of April and you will lose that much for starters. They use to have a 3% Educational Cess and it is heading upwards too to a 4% level. All of this is new to me. But I am unable to give you all of the details as this hits the web. Apparently 1st of April of 2018 seems to be a starting date.

So, watch out. Sell it if you can prior to the dead line.

Good Luck.

FH.

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Quote:
Originally posted by Smiley

Thanks

I did not apply for Aadhar card as I am an OCI holder but was concerned that when selling my condo in India should not face any issues. I hope their forms etc are user friendly with OCI holders etc





 
Post ID: 236662 05-02-18 22:38:35
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Smiley
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Member since: Mar 03




Posts: 1185
Location: USA


Thanks

I will keep my eyes and ears open ...

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Post ID: 236670 06-02-18 13:12:00
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Full House
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Sigh of relief. Hmmmmm .. LTCG of 10% Does not apply to R.E.Transactions.
Here is what I heard today. So, please verify the same as soon as you can.


Reason is.: That the Real estate Transaction is an illquid asset with low yields and high cost of sales transaction.
It is not so easy to find a buyer. Any real estate transaction can take minimum 3-6 months to complete
Rental yields are still very low. Which could be 2% - 2.5% at the most. Bank FDs give much higher yields than that
Last but not the least, the Cost of Stamp duty is at 5% plus, adds to the cost of transaction. If you are looking at
Real estate as an investment asset, the day you buy it, you are down by 6%. You need that much appreciation in
price to break even and that takes a long time in some cases.

Hope this clears the cobwebs and doubts.

FH.

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Quote:
Originally posted by Smiley

Thanks

I will keep my eyes and ears open ...





 
Last edited by: Full House on 08-02-18 23:23:33
Post ID: 236672 08-02-18 11:42:54
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Smiley
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Member since: Mar 03




Posts: 1185
Location: USA


Thanks for your Info

I need to sell and not buy ...

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Post ID: 236673 08-02-18 15:11:11
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Many
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It helps to have a real-estate agent to execute a sell-buy transaction. He takes care of all required formalities for a consideration of course(commission). Yes there is TDS for an NRI (Mumbai experience)
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Many

 
Post ID: 236688 11-02-18 20:45:05
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Smiley
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Member since: Mar 03




Posts: 1185
Location: USA


Do you know what the TDS rate is for an NRI ?
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Post ID: 236693 12-02-18 12:46:36
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Contributors:
Full House(3)  Many(2)  MITRON(1)  rajcanada(1)  Smiley(6)  
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