The primary difference lies in the residential status of the account holder. A regular Demat account is for residents of India. In contrast, an NRI demat account is specifically designed for Non-Resident Indians, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) residing abroad.
Archives: FAQs
What should NRIs do to ensure compliance with the Property Transfer Act when dealing with property in India?
NRIs should seek legal advice, conduct property research and ensure that all property transactions comply with the provisions of the Property Transfer Act to safeguard their interests and investments in India.
As per the Property Transfer Act, is due diligence necessary for NRI property transactions?
NRIs should conduct thorough due diligence to ensure that properties are free from disputes and encumbrances as required by the Act.
What are the tax implications of property transactions for NRIs under the Property Transfer Act?
NRIs should be aware of taxation aspects, including capital gains tax, stamp duty and income tax, which the Property Transfer Act influences.
How does the Property Transfer Act affect property leasing and renting by NRIs?
The Act defines the terms and conditions of leasing and renting property in India and addresses issues like rent control and eviction.
What is the role of Power of Attorney in NRI property matters?
NRIs often use a POA to appoint a representative for property-related affairs in India. The Act governs the use and limitations of POA in property transactions.
Under the Property Transfer Act, are there restrictions on NRIs owning agricultural land in India?
There are restrictions on NRIs acquiring agricultural land in India, which vary from state to state. The Act addresses these restrictions.
How does the Act affect NRI property transactions and documentation?
The Act establishes legal procedures for property transactions and the required documentation for NRIs to acquire and maintain property in India.
What are the critical modes of property transfer governed by the Property Transfer Act?
The Act covers various modes of property transfer, including sale, mortgage, lease and gift.