Can A Gift Deed Be Made In The Name Of A NRI?
Question asked by Anjali Singh from U.S.:
My mom owns an agricultural land in India ( Madhya Pradesh) which she plans to give it to me eventually. I am an NRI living in US.
Is it possible for her to gift the land to me? If yes
1) Is that something she can do in her life time?
2) What kind of taxes will I have to pay to just hold the land and if I were to sell it and repatriate the money.
My another questions is
1) Can an agricultural land be converted to residential land, if all land in and around are residential already.
2) Do I have to wait for the state to in act some kind of boundary changes etc for it to get converted to residential, or I can apply for its conversion.
3) If I can apply for conversion, what all do I need to do? How long does it take.
I will really appreciate some legal advice.
Thanks
Anjali Singh
USA
Vatsala Speak:
You cannot hold the land even as a gift of agricultural land to NRI’s and PIO’s, as it is prohibited by FEMA. (Foreigh Exchange Management Act). Therefore the questions on sale and taxes become irrelevant. In some states, there is no need to convert the land before putting it to use for non agricultural purpose. If conversion permitted in the state you hold property, it could take about 4 months. The documents required for converting agricultural land to industrial use is parent sale deed, Tippany, Akarband, Nil Tenancy certificate, Endorsements under Section 79 A and B (and endorsements about granted SC land) from Tahsildhar , RTC., Mutation extracts, Encumbrance certificate and Application form duly filled up in quadruple. This has to be supported by reports from the Village account and Tahsildhar’s office after inspection. This is forwarded to the Deputy Commissioner who can then issue the conversion order after colleting the conversion charges.Vatsala
www.atoneplace.com
Popularity: 14% [?]
Tell A Friend