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FAQs

Nahar Group | Projects

1.Who is NRI?

Non Resident Indian (NRI) is a citizen of India, who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian Origin are treated at par with Non Resident Indian (NRIs).

2.Who is PIO?

Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who

  • At any time, held an Indian passport, or
  • Whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

3.Who is OCI?

1. Any person of full age and capacity:

  • Who is a citizen of another country, but was a citizen of India at the time of, or at any time after, the commencement of the constitution, or
  • Who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the constitution, or
  • Who is a citizen of another country, but belongs to a territory that became part of India after the 15th of August, 1947.
  • Who is a child of such a citizen, or

2. A person, who is minor child of a person mentioned in clause (1)

  • Provided that no person, who is or had been a citizen of Pakistan, Bangladesh shall be eligible for registration as an Overseas Citizen of India.

4.What all Documents required for buying property?

  • PAN card (Permanent account number)
  • OCI / PIO card (In case of OCI / PIO)
  • Passport (In case of NRI)
  • Passport size photographs
  • Address proof

5.Is it a fact that now NRI and POI do not require any permission from Reserve Bank to purchase immovable property in India?

Yes. Reserve Bank has accorded general permission to purchase only a residential/commercial property in India to a person resident outside India who is a citizen of India (NRI) and who is a Person of India Origin (PIO).

6.Whether any forms or returns are to be submitted to Reserve Bank after purchase of residential/commercial property under the general permission?

No.

7.Are there any restriction on number of residential/commercial property that NRI/PIO can purchase under the general permission available?

There is no restriction on number of residential/commercial property that NRI/PIO can purchase under the general permission available.

8.Can name of a foreign national of Non-Indian Origin be added as a second holder to a residential/commercial property purchased by NRI/PIO?

No.

9.Can a foreign national of Non-Indian Origin resident outside India acquire any immovable property in India by way of purchase?

There is no restriction on number of residential/commercial property that NRI/PIO can purchase under the general permission available.

10.Can NRI/PIO acquire residential/commercial property by the way of gift under the general permission available?

Yes. Under general permission available NRI/PIO may acquire residential/commercial property by way of gift from a person resident in India or a NRI or a PIO.

11.Can a foreign national of Non- Indian Origin resident outside India acquire residential/commercial India by way of gift?

No.

12.To whom can NRI transfer by way of sale his residential/commercial property?

NRI can transfer by way of sale residential/commercial property in India to a person resident in India or to a NRI or a PIO.

13.To whom can PIO transfer his residential/commercial property by way of sale?

PIO can transfer by way of sale residential/commercial property in India only to a person resident in India.

14.Can a PIO transfer by way of sale his residential/commercial property to a NRI or a PIO?

No. He has to seek Reserve Bank prior approval for transfer by way of sale residential/commercial property in India to a NRI or a PIO

15.Under general permission available can NRI/PIO transfer his residential/commercial property by way of gift?

Yes. NRI/PIO may transfer by way of gift residential/commercial property in India to a person resident in India or to a NRI or a PIO

Tax on Income from immovable property selling/renting?

16.What is the Tax treatment for income generated from property selling or renting for NRI/PIO/OCI?

The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains (short term or long term) arising on the sale of this house or part thereof is taxable in the hands of the owner.

17.Do NRIs/PIOs/OCIs have to file returns in India for their property rental income and Capital Gains Tax?

The Government of India has granted general permission to NRI / PIO / OCI to buy property in India and they do not have to pay any taxes even while acquiring the property in India. However, taxes have to be paid if they are selling this property. Rental income earned is taxable in India, and they will have to obtain a PAN and file a return of the income if they have rented this property. On sale of the property, the profit on sale shall be subject to capital gains. If they have held the property for less than or equal to 3 years after taking actual possession then the gains would be short term capital gains, which are to be included in their total income and will be taxed in the normal bracket. However, if the property has been held for more than 3 years, then the resulting gain would be labeled as long term capital gains subject to 20% tax and some additional levy (cess)

18.How does the double taxation Avoidance Agreement (DTAA) work in context of tax on income and Capital Gains tax paid in India by NRI?

India has DTAAs with several countries which give a favorable tax treatment in respect of certain heads of income. However, in case of sale of immovable property, the DTAA with most countries provide that the capital gains will be taxed in the country where the immovable property is located. Hence, the non-resident will be subject to tax in India on the capital gains which arise on the sale of immovable property in India. Letting of immovable property in India would be taxed in India under most tax treaties in view of the fact that the property is in India.

Capital Gains Tax on NRI / PIO / OCI

19.Does Capital Gains Tax (CGT) apply to NRI/PIO/OCI?

Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.

20.How is rate of CGT computed?

Type of asset: Assets like house property, land and building, jewelry, development rights, etc.

Rate of tax deduction at source (TDS)

Long term 20.6%

Short term 30.9%

Exemption available (only for long term capital gains)

The long term capital gains arising on sale of a residential house can be invested in buying/constructing another residential house, within the prescribed time. The exemption is restricted to the amount of capital gains or the amount invested in new residential house, whichever is lower. If the amount of capital gains is invested in bonds of National Highways Authority of India (NHAI) or Rural Electrification Corporation, then the entire capital gains is exempted, or the proportionate gain is exempted. As per the financial budget 2007-08, a cap of INR. 50 lakhs has been imposed on investment that can be made in capital tax saving bonds.

21.How does Double Taxation Avoidance Agreement work in the context of CGT paid in India on the foreign tax treatment?

In case the non-resident pays any tax on capital gains arising in India, he would normally be able to obtain a tax credit with respect to the taxes paid in India/ home country, because the income in India would also be included in the country of tax residence. The amount of tax credit is also on the basis of computing the tax credit that can be claimed as specified in the respective country’s DTAA and is also dependent on the laws of the home country where the taxpayer is a tax resident.

NRI/PIO/OCI Home loans

22.Are NRI/PIO/OCI eligible for Housing loans to buy property from any Indian Bank?

An authorized dealer or a housing finance institution in India approved by the National Housing Bank may provide housing loan to a non-resident Indian or a person of Indian Origin residing outside India for acquisition of a residential accommodation in India, subject to the following conditions, namely:

  • The quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person residing in India.
  • The loan amount shall not be credited to Non-Resident External (NRE)/Foreign Currency Non-Resident (FCNR)/Non-Resident non-Repatriable (NRNR) account of the borrower
  • The loan shall be fully secured by an equitable mortgage by deposit of title deal on the property proposed to be acquired, and if necessary, also be lien on the borrower’s other assets in India.
  • The installment of loan, interest and other charges, if any, shall be paid by the borrower by remittances from outside India through normal banking channels or out of funds in his Non-Resident External (NRE)/Foreign Currency Non-Resident (FCNR)/Non-Resident Non-Repatriable (NRNR)/Non-Resident Ordinary (NRO)/non-Resident Special Rupee (NRSR) account in India, or out of rental income derived from renting out the property acquired by utilization of the loan or by any relative of the borrower in India by crediting the borrower’s loan account through the bank account of such relative (The word ‘relative’ means ‘relative’ as defined in section 6 of the Companies Act, 1956.)
  • The rate of interest on the loan shall conform to the directives issued by the Reserve Bank of India or, by as the case may be, the National Housing Bank.

Income Tax

23.Who should file tax returns?

If you are an NRI / OCI / PIO, you would have to file your income tax returns if you fulfill either of these conditions:

  • Your taxable income in India during the year was above the basic exemption limit of INR.1.6 lakh OR
  • You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit.

Note: The enhanced exemption limit for senior citizens and women is applicable only to Residents and not to Non-Residents.

24.Are there any exceptions?

Yes, there are two exceptions:

  • If your taxable income consisted only of investment income (interest) and/or capital gains income and if tax has been deducted at source from such income, you do not have to file your tax return.
  • If you earned long term capital gains from the sale of equity shares or equity mutual funds, you do not have to pay any tax and therefore you do not have to include that in your tax return.

Tip: You may also file a tax return if you have to claim a refund. This may happen where the tax deducted at source is more than the actual tax liability. Suppose your taxable income for the year was below INR.1.6 lakh but the bank deducted tax at source on your interest amount, you can claim a refund by filing your tax return. Another instance is when you have a capital loss that can be set-off against capital gains. Tax may have been deducted at source on the capital gains, but you can set-off (or carry forward) capital loss against the gain and lower your actual tax liability. In such cases, you would need to file a tax return.

25.What’s the best way to file tax returns?

Traditionally, you could file your tax return either by giving a power of attorney to someone in India or by sending your form and documents to a tax expert in India who would then file the return on your behalf.

But nowadays, the easiest option for NRIs to file their Indian tax returns is by using the online platform. There are several options to file online

Orchid Enclave

1. Where is the Project located?

Nahar Amrit Shakti, Chandivali, Powai, Mumbai

2. What is configuration of Project? What is the RERA Carpet Area?


3 BHK (Duplex) & 2 BHK

3. Whether the project has obtained RERA registration?

Pre RERA approved project.

4. Whether all approvals are in place with respect to the Project?

Yes

5. Whether the Project is an under construction or a ready possession Project?

Ready to Move in

6. What is the possession date of the Flat?

Ready to Move in

7. Are the security systems in place like a professional guard or electronic systems?

There is a 3-level Security arrangement,

  • Bouncers across the property
  • Security Guards at Entrance Gate of the Property.
  • CCTV Cameras at entrance of the building.

8. Is parking facility available in the Project? If Yes then no. of Car Parking with 1 Flat?

1 covered car parking

9. Is there a steady supply of water and electricity?

Yes

10. Where is the nearest market?

DMart Provisional Stores

11. Which is the nearest school?

Nahar International School, Chandivali,
Hiranandani Foundation
Bombay Scottish School
Podar International School to name a few.

12. Are buses/trains easily available from the location?

Yes

13. Which are the nearby Station to commute?

Saki Naka Metro Station – 10 Mins.
Ghatkopar Station – 12 Mins

14. Which is the nearest shopping Mall?

R Mall – 15 Mins

15. Are Hospital/ Medical services available easily from the location?

  • Nahar Diagnostic Medical Centre,
  • Hiranandani Hospital,
  • Seven Hills Hospital to name a few.

16. What are the amenities that the Developer is offering in the Project?

50000sqft. Club house that has fully functional sports courts with professional standards facilities for Football (practice turf), Basketball, Cricket (practice pitch), Badminton, Squash and Tennis. Gymnasium, swimming pool, Café Nectorfield, Kid’s pool, Kid’s play area, Business lounge, Guest Room and Spa Centre.

17. What is the Payment Plan for the sale consideration towards the Flat/Apartment/Unit?

Payment plan will be shared at the time of booking of apartment.

18. What are payment schemes offered by the Developer?

Nil

19. Which banks are associated with the Project?

Project approved by all major Financial institutional.

Cayenne

1. Where is the Project located?

Nahar Amrit Shakti, Chandivali, Powai, Mumbai

2. What is configuration of Project? What is the RERA Carpet Area?


2 BHK only RERA Carpet Areas – 657/663/664 sq.ft.

3. Whether the project has obtained RERA registration?

Yes

4. Whether all approvals are in place with respect to the Project?

Building Height approval is pending.

5. Whether the Project is an under construction or a ready possession Project?

Under construction

6. What is the possession date of the Flat?

As per RERA, Possession date Dec-21.

7. Are the security systems in place like a professional guard or electronic systems?

There is a 3-level Security arrangement,

  • Bouncers across the property
  • Security Guards at Entrance Gate of the Property.
  • CCTV Cameras at entrance of the building.

8. Is parking facility available in the Project? If Yes then no. of Car Parking with 1 Flat?

1 covered car parking

9. Is there a steady supply of water and electricity?

Yes

10. Where is the nearest market?

DMart and Shopping plazas are available.

11. Which is the nearest school?

Nahar International School, Chandivali,
Hiranandani Foundation
Bombay Scottish School
Podar International School to name a few.

12. Are buses/trains easily available from the location?

Yes

13. Which are the nearby Station to commute?

Saki Naka Metro Station – 10 Mins.
Ghatkopar Station – 12 Mins

14. Which is the nearest shopping Mall?

R Mall – 15 Mins

15. Are Hospital/ Medical services available easily from the location?

  • Nahar Diagnostic Medical Centre,
  • Hiranandani Hospital,
  • Seven Hills Hospital to name a few.

16. What are the amenities that the Developer is offering in the Project?

50000sqft. Club house that has fully functional sports courts with professional standards facilities for Football (practice turf), Basketball, Cricket (practice pitch), Badminton, Squash and Tennis. Gymnasium, swimming pool, Café Nectorfield, Kid’s pool, Kid’s play area, Business lounge, Guest Room and Spa Centre.

17. What is the Payment Plan for the sale consideration towards the Flat/Apartment/Unit?

Payment plan will be shared at the time of booking of apartment.

18. What are payment schemes offered by the Developer?

Nil

19. Which banks are associated with the Project?

Project approved by all major Financial institutional.

Villaments

1. Where is the Project located?

Nahar Amrit Shakti, Chandivali, Powai, Mumbai

2. What is configuration of Villaments?

4 BHK with Private Garden & Servant Room.

3. Whether the project has obtained RERA registration?

Pre RERA Project

4. Whether all approvals are in place with respect to the Project?

Yes

5. Whether the Project is an under construction or a ready possession Project?

Ready to Move-in

6. When will be the possession of Villaments is given by the Builder?

Ready to Move-in

7. Are the Villaments are furnished?

Both the options of furnished and unfurnished are available

8. Are the security systems in place like a professional guard or electronic systems?

There is a 3-level Security arrangement,

  • Bouncers across the property
  • Security Guards at Entrance Gate of the Property
  • CCTV Cameras at entrance of the building

9. Is parking facility available in the Project? If Yes then no. of Car Parking with 1 Villaments?

Yes, 2 covered designated car Parkings available

10. Is there a steady supply of water and electricity?

Yes

11. Where is the nearest market?

DMart and Shopping Plazas are available

12. Which is the nearest school?

  • Nahar International School, Chandivali,
  • Hiranandani Foundation
  • Bombay Scottish School
  • Podar International School to name a few.

13. Are buses/trains easily available from the location?

Yes

14. Which are the nearby Station to commute?

  • Saki Naka Metro Station – 10 Mins.
  • Ghatkopar Station – 12 Mins

15. Which is the nearest shopping Mall?

R Mall – 15 Mins

16. Are Hospital/ Medical services available easily from the location?

Nahar Diagnostic Medical Centre,
Hiranandani Hospital,
Seven Hills Hospital to name a few.

17. What are the amenities that the Developer is offering in the Project?

50000 sqft. Club house that has fully functional sports courts with professional standards facilities for Football (practice turf), Basketball, Cricket (practice pitch), Badminton, Squash and Tennis. Gymnasium, swimming pool, Café Nectorfield, Kid’s pool, Kid’s play area, Business lounge, Guest Room and Spa Centre

18. What is the Payment Plan for the sale consideration towards Villaments?

Payment to be completed within 45 days from the date of Booking.

19. What are payment schemes offered by the Developer?

Nil

20. Which banks are associated with the Project?

Project approved by all major Financial institutional.

Olivia

1. Where is the Project located?

Nahar Amrit Shakti, Chandivali, Powai, Mumbai

2. What is configuration of Project? What is the RERA Carpet Area?


2 BHK only RERA Carpet Areas – 657/663/664 sq.ft.

3. Whether the project has obtained RERA registration?

Yes

4. Whether all approvals are in place with respect to the Project?

Building Height approval is pending.

5. Whether the Project is an under construction or a ready possession Project?

Under construction

6. What is the possession date of the Flat?

As per RERA, Possession date Dec-21.

7. Are the security systems in place like a professional guard or electronic systems?

There is a 3-level Security arrangement,

  • Bouncers across the property
  • Security Guards at Entrance Gate of the Property.
  • CCTV Cameras at entrance of the building.

8. Is parking facility available in the Project? If Yes then no. of Car Parking with 1 Flat?

1 covered car parking

9. Is there a steady supply of water and electricity?

Yes

10. Where is the nearest market?

DMart and Shopping plazas are available.

11. Which is the nearest school?

Nahar International School, Chandivali,
Hiranandani Foundation
Bombay Scottish School
Podar International School to name a few.

12. Are buses/trains easily available from the location?

Yes

13. Which are the nearby Station to commute?

Saki Naka Metro Station – 10 Mins.
Ghatkopar Station – 12 Mins

14. Which is the nearest shopping Mall?

R Mall – 15 Mins

15. Are Hospital/ Medical services available easily from the location?

  • Nahar Diagnostic Medical Centre,
  • Hiranandani Hospital,
  • Seven Hills Hospital to name a few.

16. What are the amenities that the Developer is offering in the Project?

50000sqft. Club house that has fully functional sports courts with professional standards facilities for Football (practice turf), Basketball, Cricket (practice pitch), Badminton, Squash and Tennis. Gymnasium, swimming pool, Café Nectorfield, Kid’s pool, Kid’s play area, Business lounge, Guest Room and Spa Centre.

17. What is the Payment Plan for the sale consideration towards the Flat/Apartment/Unit?

Payment plan will be shared at the time of booking of apartment.

18. What are payment schemes offered by the Developer?

Nil

19. Which banks are associated with the Project?

Under Process.

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