What Is The Best Form Of Title For An NRI To Own A Property In India?
Question asked by Amit Singh from U.S.:
Dear Vatsala:
I came across your services on atoneplace.com, and wanted to get your insightful expertise on the following issues:
- What is the best form of title for an NRI to own a property in India – individually or via a Pvt Ltd. company or via any other method of form of ownership?
- Is holding title via a Pvt Ltd. company a fool proof method to safeguard against any judgements etc.?
- Can a foreign citizen (not of Indian origin) hold property solely in their name in India?
- Can a NRI own property in India jointly with a foreign citizen (not of Indian origin)?
- What is the best way to go about forming and registering a Pvt. Ltd. company that can ultimately purchase and own property in India?
Thanks and I look forward to hearing from you.
Best regards,
Amit Singh
USA
Vatsala Speak:
A property which is not utilized for business cannot be owned by a foreigner whether singly or jointly with a person of Indian origin. If a foreigner wants to purchase property for business, it should be genuine, because it will be scrutinized by the RBI. The title can be scrutinized only by a local lawyer. A foreign citizen of Indian origin stands on an equal footing with an Indian citizen in owning property. The best way to incorporate a company is to engage a lawyer or law firm in India who can handle it for you.Vatsala
www.atoneplace.com
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