Property purchased as indian citizen and now oci
Mohan
(Querist) 01 September 2023
This query is : Resolved
Hi All,
I have bought a property as an Indian Citizen, and soon I'll be acquiring foreign citizenship and OCI. I just want to check if I have to make any changes or update any document before or after foreign citizenship and OCI
I don't have any intention to sell the property.
Thanks,
Mohan
T. Kalaiselvan, Advocate
(Expert) 01 September 2023
Whether you are an Indian or becoming a foreign citizen, your ownership and the title to the property will remain on you, you do not have to do anything on this.
SIVARAMAPRASAD KAPPAGANTU
(Expert) 01 September 2023
You have purchased a property when you were Resident Indian and now you have become NRI and relinquishing your Indian passport and obtaining a foreign nationality and thereby becoming Overseas Citizen of India. You need to apply to the nearest High Commission or Embassy of India in the country of present residence, to get OCI Card. After due verification and process you shall be issued with a OCI Card by Government of India which shall enable you to visit the country any number of times. You enjoy all the perquisites of NRI.
As of now there is no need to inform any revenue authorities or intimate any authority about the change in your status from Resident Indian to NRI and later on to OCI.
As of now you do not have any intention to sell the property purchased while you were resident Indian. However, if and when you decide to sell such property, you can very well do so. As per the instant FEMA, when a NRI or OCI sells one's property in India, the sale proceeds need to be credited to NRO account (Not NRE Account) of the NRI or OCI. Such sale proceeds are not freely repatriable, (unlike the proceeds of NRE/FCNR Accounts). After crediting to the NRO account, out of such sale proceeds an amount not exceeding equivalent to USD 1 Million or equivalent to any other currency can be repatriated in a financial year (Ap-Mar) after submitting 15CA and 15CB ie confirmation that related taxes towards capital gain are already paid.
kavksatyanarayana
(Expert) 01 September 2023
Yes. You are an Indian and will be a foreign citizen, your ownership and the title to the property do not change.
Mohan
(Querist) 05 September 2023
Appreciate your help, thanks
