Thursday, April 30, 2015
Wednesday, April 1, 2015
Yes, normally it is desirable to appoint a Power of Attorney in India to represent his in dealings in India. The Power of Attorney should be executed as per drafts provided by the housing finance company. The Power of Attorney can be given to any person of his choice in India.
The RBI has granted general permission to NRI's and foreign citizens of Indian origin, to let out their residential properties acquired for their bonafied residential purpose but which on account of their residence abroad, are not required for their immediate residential purpose. The rental income cannot be repartriated. Thus rental income must be credited to the NRO account / resident accounts in India.