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Renting property owned by NRI

Renting property owned by NRI

Renting property owned by NRI

Despite of all the legal issues surrounding the ownership of property in India by NRIs, they find it really beneficial to invest in the growing real estate industry of the country. After the acquisition of a property, for continuous returns and income at regular intervals, NRIs prefer to give out the property on rent.

Following are a few pointers for the NRIs who are looking forward to giving their property on rent:



It’s legal: According to RBI directives, any immovable property can be rented out; however, income from the property is subject to income tax.

No requirement of NRO accounts: Even if the owner does not maintain NRO accounts, rental income is permitted.

Certificate from CA: There has to be a certificate from a Chartered Accountant certifying the eligibility of the remittance.

Property owners often wonder whether it is best to sell your real estate or rent it out. It basically depends on the area's market and whether you are landlord material. However, in case of renting out your property, always be sure that you have had all the transparent discussions and agreements with your landlord. This becomes all the more essential if you are residing miles away and cannot keep a constant check on the property. Further, you can list your property on www.makaan.com for immediate results.

Last Updated: Tue Feb 26 2013

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