Registering the immovable property is a mandatory and statutory work in India. This is because this places a major role in the sale of any immovable property. The documents involved in the registration of the immovable property will further be put in the public domain for the public access as this will show cautions, qualifications, restrictions etc. with respect to the rights that are involved with the said properties. Therefore, the process of registration will keep fraud and misrepresentation at bay. It has to be kept in mind that the liability and duty for the registration lies on the buyer. The regulations with respect to registering an immovable property by any Non – resident of India is little different to the normal one. Hiring the best lawyer who specializes in property law is necessary to help the client with the whole process. Adv. Bindu Dubey is one of the NRI Property Lawyer in Mumbai who can make the process of registration easy for the client who resides outside India.
Who is NRI? NRI Definition as per Indian Law
In simple terms, Indian citizen who lives outside India for the purpose of Job, studies or any other purpose, for a certain duration, are categorized as NRI (Non – resident of India). The justifiable meaning of NRI has been defined under Income Tax Act of 1961 and the Foreign exchange Act of 1999. With respect to the foreign exchange management Act of 1999, the residential position of any citizen is decided with respect to their ideas and intentions to reside in India, however, under the Income Tax Act it is calculated based on the duration a person stays in India. The Amendment of Finance Act of 2020 it has been mentioned that the number of days which will decide if the person is a NRI or not has been reduced from 182 to 120.
NON – COMPULSORY FOR REGISTRATION:
The REGISTRATION FEES for the registering of property varies from state to state and the TIME LIMIT for the registering will have to be done within four months. If it exceeds the mentioned timeline then another four months grace time will be given. However, if it exceeds more than that then the registration fees * 10 times the amount will have to be paid as fine.
Another common misunderstanding is the confusion with the STAMP DUTY and REGISTRATION FEES. Stamp duty will be paid under Indian Stamp Act of 1899 and the Registration fees is paid under Indian Registration Act of 1908. The stamp duty is the tax for the transaction of property.
REGISTRATION PROCESS FOR AN NRI:
All the documents and files with respect to the immovable property will be submitted to the Sub – registrars office in their sub – district where the property is situated. The officer will visit the residence of anyone who wants to deposit any files regarding the transfer or sale. All the said docs for the sale or transfer will then need proper presentation in the said manner, The seller and buyer of the property; the representative of the seller or buyer and they will have to be sanctioned by an attorney.
Registering for an Immovable property can become tedious at times even for citizens residing in India let alone for people living outside India. Therefore, it is highly advised to hire the best property lawyers who will take care of all the procedures, paperwork and can do this all without any hassle or difficulty. For expert opinion and help with respect to registering of property by any non – resident please contact Adv. Bindu Dubey. She is one of the finest NRI Legal service provider in Mumbai who can handle the case for the client with ease and get it done within no time.