5 Points For NRIs Renting Out Property In India

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5 Points For NRIs Renting Out Property In India
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1. Take All Basic Details From Tenants

• When you give advertisements in newspapers,
  magazines and other places for rental rooms, a
  lot of people get in touch with you and take your
  room on monthly rent.
• you should ask for the basic details of your
  tenants, such as his/her proof of identification,
  residence, active contact numbers, their native
  state/place, workplace, etc.

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2. Sign A Room Rent Agreement

• When you rent your house/apartments/rooms to
  tenants, you should sign a rental agreement with
  them. It is actually a legally binding agreement
  which clarifies the duties, responsibilities, and
  expectations of landlords and tenants as per the
  applicable law.
• If you face problems to prepare a room rent
  agreement with your tenant as per the applicable
  Indian law, you can seek assistance from real
  estate lawyers without any hassle.

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3. Police verification

• You must ask for security deposits and one- month
  advance payment from your tenants.
• It will keep you aloof from any kind of financial
  loss if tenants leave your house/room all of a
  sudden without paying the rent in a particular
  month.

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4.Ask For Security Deposits And One Month Advance
Payment

• To increase the chances of having your claim
  approved, you need to fill the forms and attach
  the supportive documents.
• In some cases, you have to meet the deadlines. If
  you are accompanied by a lawyer, there is a high
  chance that your claim will be approved easily
  and smoothly.

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5. Pay The Tax On The Right Time

• NRI can collect the rental amount in NRE or NRO
  account. If you don't have an NRE or NRO account,
  you can get it remitted to the country you are
  currently living in.
• Need to pay the due taxes and get an appropriate
  certificate from a chartered accountant
  certifying that all taxes have been paid off.

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