Executive Summary: A Power of Attorney (POA) for property is a document by which an owner or buyer (the principal) authorises another person (the attorney or agent) to act on their behalf in property matters, such as signing an agreement, executing and registering a deed, or managing the property. It is especially useful…
Executive Summary: A Non-Resident Indian (NRI) may sell residential or commercial property in India freely. Agricultural land, plantation property and farm houses can be sold only to a resident Indian citizen. The sale is governed by the Transfer of Property Act, 1882, the Registration Act, 1908, the Income Tax Act and the Foreign…
Executive Summary: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can buy residential and commercial property in Chennai without RBI approval, subject to the Foreign Exchange Management Act, 1999 (FEMA). First, Foreign Exchange Management Act (FEMA) regulations strictly prohibit Non-Resident Indians (NRIs) from directly purchasing agricultural land, plantation property, or farmhouses in…
