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Selling inherited property can be quite challenging and daunting task for anyone who is not well aware about the laws, rules and regulations of the country. For NRIs who lived outside the country for a long time, trying to sell the property that they posses in India, can be bit confusing. Since, a lot of NRIs are investing on properties in India, getting potential buyers for the inherited properties can be a nightmare. But if you follow legal paths and have authentic documents, it won’t create too much hassle.
Read below for the step by step process to sell inherited property in India;
Transfer inherited property title:
The first thing you must do is, transfer the title of the property to your name. This process is called as mutation of revenue records. In this process you need a copy of the original Will and if the Will is not available, you need to get the Succession Certificate issued by the local court.
Organise legal documents:
Organise the documents that are required for the selling of the property.
1. Original purchase agreement: You must need a share certificate issued by the co-operative housing society. In case if you don’t
have it, apply for a duplicate one. In order to obtain the duplicate certificate, proper identification is needed and also a proof that your property is not mortgaged. One should also put a notice in news paper to make sure that there are no objections exist.
2. Obtain NOC certificate: In order to confirm that the society members so not have any objections in selling the property, a no objection certificate has to be obtained.
3. Copy of approved plan and occupation certificate issued by the concerned authority.
4. Certificate from Lawyer: A lawyer’s certificate is needed if in case the above documents are absent. The owner should seek help from any lawyer to prove his ownership of the property.
5. Needs PAN number: It is important to have Permanent Account Number (PAN) for property transactions in India as it is required to apply for Tax Exemption Certificate under section 197. If in case the person does not have a PAN card, he/she can apply for one. Another way is to furnish a form 60 at the registrar’s office to obtain PAN number.
Identification of selling method:
First you need to decide whether you want to do the transaction by yourself or to seek help from a professional. It will be tough business if you don’t have any trustworthy person in India who can help you for the transaction. If you are not familiar with the property market in India, property transaction can be a cumbersome task.