Posted on: 24-11-10 11:19:09
I have a ques ...few ques abt buying prop inindia :
we can not buy as we are not OCI / PIO,
then the option is to buy in the joint name of parents...
Q1 what happens when we sell the property, money comes in parents name, they gift to us, we / they pay capital gain tax in india and then tax again to bring into canada ?
Thx.
Quote:
Originally posted by Aashu
we can not buy as we are not OCI / PIO,
Where did you read that we cannot buy?
By definition You are PIO (Person of Indian Origin) - its just that you don't have PIO CARD.
Go through this http://www.rbi.org.in/scripts/FAQView.aspx?Id=33
If you can understand FEMA - http://finmin.nic.in/the_ministry/dept_eco_affairs/america_canada/fema_acts/index.htm
http://en.wikipedia.org/wiki/Foreign_Exchange_Management_Act
http://www.nrirealtynews.com/nri-banking/fema-rules.php
Simplified verion - http://www.rediff.com/money/2006/aug/21land.htm
You'll need PAN Card if you are generating income out of your investments.
I may be wrong, and would love to know more. Please check with Real Estate Lawyer and/or Accountant in India.
-----------------------------------------------------------------
Mumbai Maazi Ladki ...
Quote:
Originally posted by Maharaj
Where did you read that we cannot buy?
I read here
http://canadiandesi.com/read.php?TID=23984&page=1#141451
Quote:
Originally posted by Aashu
Quote:
Originally posted by Maharaj
Where did you read that we cannot buy?
I read here
http://canadiandesi.com/read.php?TID=23984&page=1#141451
As per RBI Link ... PIO can buy properties. They don't say PIO CARD Holder. Legal Papers are supposed to be very specific - if they really wanted PIO CARD Holders only, they would have specifically specified.
And the post that you are referring, OP confirmed at the end that
Canadian PP is OK as long as you are a PIO.Per PIO definition I believe I don't need to really appy for the PIO or OCI to buy residential property
more than PIO/OCI ... get machinery going for PAN Card (if you don't have).
Disclaimer still stands:
Please check with Real Estate Lawyer and/or Accountant in India.
-----------------------------------------------------------------
Mumbai Maazi Ladki ...
Hi Aashu,
Have you taken a Canadian Citizenship? If you did then you must have PIO CARD OR OCI. If you are still Indian Passport holder and have not taken Canadian Citizenship then you can buy property in India under NRI quotas.
I hope that this information is helpful and clear to you.
-----------------------------------------------------------------
Ani
Quote:
Originally posted by goodgirl
Hi Aashu,
Have you taken a Canadian Citizenship? If you did then you must have PIO CARD OR OCI. If you are still Indian Passport holder and have not taken Canadian Citizenship then you can buy property in India under NRI quotas.
I hope that this information is helpful and clear to you.
No it is not clear as I have cdn citizenship but not OCI or PIO card.
Hi,
If you have canadian citizenship, then you can not buy a property in India unless you have either OCI card or PIO card.
-----------------------------------------------------------------
Ani
