Gift DeedĪnother popular way of transferring property ownership is by ‘gifting’ the property using a gift deed. Please see our detailed post regarding NRIs inheriting property in India for more information.
In case a person dies intestate (without making a Will) then the property gets transferred according to the Laws of Succession as prescribed under Indian law. Inherit property through natural succession under Indian Law After the death of an individual, the successor needs to apply to the concerned civil authorities with a copy of the will, succession certificate, and death certificate for completing the property transfer process. A will can be revoked or replaced any number of times during the lifetime of the person drawing it up. The beneficiary of the property through a will is not bound to pay any taxes. The following are the six most common ways in which one can transfer property ownership in India: Through a valid WillĪ Will is a testamentary document that becomes operational only after the demise of its owner. From a simple sale to a gift deed to a relinquishment deed, options vary from situation to situation. Immovable real estate property ownership in India can be transferred through different methods. However, NRIs are not permitted to purchase agricultural lands as well as farmhouses under Indian Law. For example, approval from the Reserve Bank of India (RBI) is mandatory in case the transfer is in favour of a foreign citizen, who is a Non-Resident Indian. If an NRI is unable to travel, they can appoint a Power of Attorney to transfer their property on their behalf.Īn NRI can also transfer property to another NRI but is subject to the relevant regulations. As per the Indian Succession Act, 1925, an NRI possesses the right to ask for their share in their ancestral properties from their families or relatives. An NRI can transfer any property to their family as well as relatives. Which property can NRIs transfer in India?Īn NRI just like any other Indian resident or citizen can transfer any type of immovable property in India, whether the property is residential or commercial. This mode of transfer may also transfer the assets of the joint family or the undivided interest of a co-partner in such property. Transfer of property ownership normally occurs in one of two different ways – voluntary transfer or involuntary transfer.Ī voluntary transfer is when the rightful owner of a property willingly transfers their property, which can be done in the following ways – by gift for consideration, for example, by sale, mortgage, lease or exchange or by will.Īn example of an involuntary transfer or involuntary alienation can be when the court seizes the property of an individual.
Ownership transfer of Indian NRI Property
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