Passing on the property in India.......

eater · Sep 30th, 2006, 22:55

Expats who have bought a property (I am talking about the flat, apartment that you bought in India when you retired / moved there) in India....does anyone know what the laws are when you are the last parent surviving and you know, you pass away......

Does the property, (flat) go to your son / daughter? .....Assuming that you have made a will and the son / daughter also an expat qualifies for PIO or OCI status.

Do such inherited flat - property laws vary from state to state?

Is there such a thing as Estate (Death) duty / tax? Inheritance tax?

I realise these are questions for a lawyer....nevertheless, I would like to know the thoughts of the good people here the IMers, for some down to earth, reality check....

We are not talking about a crore rupees bunglow.......just a one bedroom flat....danke schone, thank you for your opinions......I think you are the best....no really...

Nick-H · Sep 30th, 2006, 23:47

I think this is one of those questions that may have a different answer depending in what religion you are! It may even depend on what community you belong to...

Just for the record, here's the FEMA stuff if you were wionderring about a non-resident inheriting property in India:

Quote:

Q.13 Can a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin) hold any immovable property in India acquired by way of inheritance from a person resident in India?

A.13 Yes. A person resident outside India can hold immovable property acquired by way of inheritance from a person resident in India as per the provisions of Section 6(5) of the Foreign Exchange Management Act, 1999.

Q.14 Can a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin) hold any immovable property in India acquired by way of inheritance from a person resident outside India?

A.14 With the specific approval of Reserve Bank a person resident outside India may hold any immovable property in India acquired by way of inheritance from a person resident outside India, provided the bequeathor had acquired such property in accordance with the provisions of foreign exchange law in force at the time of acquisition or under FEMA regulations.

eater · Oct 1st, 2006, 04:58

Thank you Nick-H......I think I understand the situation better now..

Sep 30th, 2006, 22:55	#1
eater Senior Member Join Date: Aug 2004 Location: Mumbai presently, previously Canada Posts: 431	Passing on the property in India....... Expats who have bought a property (I am talking about the flat, apartment that you bought in India when you retired / moved there) in India....does anyone know what the laws are when you are the last parent surviving and you know, you pass away...... Does the property, (flat) go to your son / daughter? .....Assuming that you have made a will and the son / daughter also an expat qualifies for PIO or OCI status. Do such inherited flat - property laws vary from state to state? Is there such a thing as Estate (Death) duty / tax? Inheritance tax? I realise these are questions for a lawyer....nevertheless, I would like to know the thoughts of the good people here the IMers, for some down to earth, reality check.... We are not talking about a crore rupees bunglow.......just a one bedroom flat....danke schone, thank you for your opinions......I think you are the best....no really... __________________ Just happy to be here.........

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Oct 1st, 2006, 04:58	#3
eater Senior Member Join Date: Aug 2004 Location: Mumbai presently, previously Canada Posts: 431	Thank you Nick-H......I think I understand the situation better now..

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