269. Sell Property in India

without PAN Card

Q: Hello Mr Chand, Your columns are very informative. We recently got our US citizenship, have not applied for PIO or OCI. We do have a Visa to travel to India. We have some property in India that we want to sell. We do have an NRO bank account there. Two questions: Can we sell our property without a PAN/PIO or OCI card? If yes, can we repatriate the money without any issues? Thanks, Anna A. Even though you don't have PIO or OCI, your status when in India will be a Person of Indian Origin. Anyone who normally has Indian family links or was born in India is considered to be a person of Indian origin. 1. It is not mandatory for NRI's or PIO's to provide PAN for property transactions. Persons exempt from providing PAN can make a declaration in Form 60 when entering into transactions where PAN is required. You can view a sample of Form 60 by clicking HERE. 2. PAN is however mandatory if you wish to repatriate the sale proceeds of property from India. NRIs/PIOs are allowed to remit sale proceeds of immovable property purchased by them as a resident or non-resident. However, the amount, which can be repatriated, cannot exceed an amount of USD 1 million per financial year (April - March). You will be required to provide a statement from a Chartered Accountant showing all taxes due on the transaction have been paid. Also required is the Registered sale deed of property, Form A2 and a FEMA Declaration. To view sample click HERE. When selling your property insist only on legally acceptable mode of payment from the buyer as this will help with repatriation. As long as your documentation is available, you should not have a problem repatriating money from India.