Due to the periodical returns on the
investment and rate of appreciation real estate is playing an important and
dominant role among the various options of investment that are available for
Non -resident Indians (NRIs). NRIs are eligible to invest in commercial and
residential property in India through their representatives who can act on
behalf on them by giving power of attorney to them. It is required that copy of
the power of attorney must be legally certified with the Indian embassy in
respective nation. It provides for authenticity on their behalf for investing
in India in property.
The registration of the property should be in the name of
Non-resident Indian and by producing a copy of power of attorney to authority,
the holder of power of attorney can sign on NRIs behalf. While residing in
abroad, a NRI through power of attorney can acquire a house. Through the
agreement to sell the actual possessor of the property accompanied by the holder
of power of attorney for the purpose of section 27 of income tax act is deemed
to be the owner of the property. It contains purposes of income tax and wealth
tax. The relatives of the NRI through the power of attorney in their favour are
eligible to sell the property. They can also rent out the property.
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