There are too many offers and sellers in the real estate market offering at a fancy or low price of properties, supposed to be owned or from NRI.
We have come across many irregularities, but not all.
Please consult the best Chartered Accountant, who is well versed in NRI related Income Tax and TDS issues.
Please consult the best Advocate and other experts in the real estate sector to advise the buyers.
It is offered at a sweet price. Be Careful.
There is TDS at 23%.
There is an unregistered sale agreement.
There is an unregistered GENERAL POWER OF ATTORNEY in favour of a relative. ( We advise extreme and utmost care in dealing with any property sold on GPA)
CASH TRANSACTION IN NRI PROPERTY. EXTREMELY DANGEROUS. IT INVOLVES HAVALA OR CASH OR ILLEGAL ACTIVITIES.
By entering into any cash transaction with them ( Fraudulent) the buyer will be inviting Income Tax Investigation Department, Enforcement Directorate, and Police ( criminal suit) to their homes because it is offered at a very low price and usually a CATCH.
Be Careful with DOLLARS. Any Transaction will invite deportation and serious economic and criminal offences in both countries.
The GPA`s issued or executed by the NRI`s must also be thoroughly examined. In many cases, non-blood relatives are termed and authorised or empowered to deal with the properties.