how do i find a tax attorney to sell land in india

If you won’t be in India for the sale of the property, you can designate a representative through a power of attorney. Many NRIs opt for brokerage firms to help with the process of selling a property. Some places to find brokerages firms in India include NRI India Services and Brokers ADDA, among others.

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How to get power of attorney for sale of property in India?

Power of Attorney. You can transfer the right to sell the property to a broker via this. Beware in whose name you sign this power of attorney. Settle all the post selling details before hand and make an agreement to that effect specifying the commission etc. It is advisable that you do not lie to the buyer as it will land you in a dispute ...

How to sell property in India as a US citizen?

Jun 13, 2020 · 1. Write the Power of Attorney on a Plain Sheet of Paper. First of all, write a Power of Attorney on a plain piece of paper and sign it. Do not print it out on an Indian stamp paper as it is not valid in the U.S. Along with you; two witnesses are also needed to sign on this document. Make sure that the data of the witnesses is written clearly. 2.

How to sell property in India as an NRI?

If you won’t be in India for the sale of the property, you can designate a representative through a power of attorney. Many NRIs opt for brokerage firms to help with the process of selling a property. Some places to find brokerages firms in India include NRI India Services and Brokers ADDA, among others. These firms usually charge 2% of the sales price plus 18% goods and …

What are the tax implications of selling property in India?

1. You can sell your property sitting in abroad through a duly constituted attorney. 2. To do this you need to execute a POA giving power to your near relative to sell your property. 3. Once its executed you need to get it notarised locally and attested by Indian consulate. 4. The said notarised POA is then to be sent to India through post and the same is thereafter required to be …

How can I sell my land in India?

Steps involved in the Sale of a PropertyDeciding to sell and choosing an agent. ... Determining the selling price and property inclusions come next. ... Agreement with your agent. ... Prepare the Vendor's Statement for your property and the Contract of Sale through your solicitor or conveyancer.More items...•Apr 14, 2019

Can land be sold by power of attorney?

Is property sale through power of attorney legal? In 2011, the Supreme Court ruled that property sale through power of attorney (PoA) is illegal and only registered sale deeds provide any legal holding to property transactions.Nov 9, 2021

How can I avoid paying tax on selling property in India?

One of the ways to save on your capital gains tax is to invest in bonds within six months of the trading of the property and receiving the gains. On investing in bonds, you can claim a tax exemption under Section 54EC of the Indian Income Tax Act, 1961.

Is income from sale of land taxable in India?

So, any gain on sale of land or building by the owner is taxable as capital gain. Sale consideration reduced by cost of acquisition (indexed cost of acquisition for land or building held for more than 24 months) is taxable as capital gain.Jan 13, 2022

Can NRI sell property in India with power of attorney?

Therefore, a power of attorney for purchase of property by an NRI facilitates sale transactions legally. Moreover, NRIs would require a special power of attorney to execute a transaction. Through a general power of attorney, no NRI would be able to sell or purchase property in India.

Can NRI sell property through power of attorney?

“A Power of Attorney (POA) plays a significant role in the real estate dealings of the Non-Resident Indians (NRIs). As per the Registration Act, 1908, whenever an NRI sells or purchases a house property, both parties must be present physically while registering the transaction.Jul 12, 2021

How can I save my tax if I sell land in India?

By Investing in Capital Gains Account Scheme And in your return claim this as an exemption from your capital gains, you don't have to pay tax on it. However, you must invest this money you have deposited within the period specified by the bank, if you fail to do so, your deposit shall be treated as capital gains.Jan 13, 2022

How can I save the tax on the sale of land?

Under Section 54EC of the Income Tax Act, you can claim tax-exemption on LTCG by investing in bonds issued by the Rural Electrification Corporation and the National Highways Authority of India. These bonds have a lock-in period of 5 years, and you must purchase them within 6 months of transfer of your asset.

Is there capital gains tax on sale of agricultural land in India?

Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains.Jan 13, 2022

Do I have to pay tax if I sell my land?

Capital Gains Tax on Sale of Land When you sell a property, be it a home or land, you have to pay capital gains tax on the same. Capital gains tax is of two types- Short-Term Capital Gains (STCG) for a property held for less than 36 months and Long-Term Capital Gains (LTCG) for above 36 months.

How is CII calculated?

Calculate Cost Inflation IndexPurchased property on August 1, 2004 = Rs. 30 lakhs Sold property on April 1, 2018 = Rs. 85 lakhs.Indexed cost of acquisition = Rs. 30 lakhs x 280 / 113 = 74.33 lakh.Capital gain = Rs. 85 lakh - Rs. 74.33 lakh = Rs. 10.67 lakhs.

How can I avoid CGT on my property?

If you are looking for ways to avoid your CGT, follow the given tips:Use CGT allowance. ... Offset losses against gains. ... Gift assets to your spouse. ... Reduce taxable income. ... Buying and selling within the family. ... Contribute to a pension. ... Make charity donations. ... Spread gains over Tax years.More items...•May 15, 2021

What are different kinds of Intellectual Properties?

The different kinds of Intellectual Properties are: 1. Copyright 2. Patents 3. Trademark 4. Industrial Design 5. Trade Secret 6. Geographical Indic...

What are Intellectual Property Rights?

Intellectual Property Rights (IPR) are legal rights given to the inventor or creator to protect his invention or creation for a certain period.

What is a Copyright?

Copyright denotes the right to copy or reproduce the work in which the Copyright subsists. However, it only protects the expression of an idea; it...

What is a Patent?

A patent is conferring a property right by an authority (government) to the inventor for his invention (product or process) for a certain period. A...

What is a Trade Secret?

A trade secret is sensitive or secret business information that gives a trade or business an edge over a competitor.

What is a Trademark?

Any sign that is capable of distinguishing goods or services (including words, names, letters, numerals, drawings, pictures, shapes, colors, labels...

What is an Industrial Design?

It is something that makes a particular product appealing to the eyes. The right protects the appearance only. It includes a shape, color, pattern,...

What is Intellectual Property/ Industrial Property?

Intellectual Property is a creation of intellect (the human mind). The creation or innovation can be any invention which may be scientific or techn...

Can I appear before the arbitrator with my lawyers?

Yes. The LCA allows the parties in an arbitration to attend arbitration proceedings personally as well as authorize their representatives, such as...

How many arbitrators can be appointed to an arbitration tribunal?

The parties mutually decide the number of arbitrators and the procedures for the appointment of the arbitrators. If the parties do not concede to a...

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