Before understanding the section 80c deduction for NRI, I’d say that the legislation and regulations governing income taxation for non-resident Indians differ from those governing resident Indians. Indian nationals who are not residents are required to pay taxes on all of their income and capital gains made in India.
Check out the NRI property management service of NoBroker Assist yourself with the expert legal assistance service for property documentation from NoBroker Can NRI claim 80C deduction?An NRI is subject to taxation if they get income from a property located in India.
The same rules that apply to residents must be followed when calculating this income. This property can be rented out or unoccupied. An NRI is eligible for the 30% standard deduction, the ability to write off real estate taxes, and the ability to deduct mortgage interest. There is also a deduction under section 80C for NRI for the principal repayment. A claim under Section 80C can also be made for stamp duty and registration fees paid when purchasing a property.
Taxes on income from real estate are based on appropriate slab rates.
Do NRI get the benefit of 80C?Up to Rs. 1.50 lakh per year, an NRI is eligible to claim a complete deduction under Section 80 C, but there are limitations on the products they can invest in to do so. Therefore, an NRI is not permitted to create a PPF account. He also is not permitted to invest in NSC, Senior Citizen Scheme, or post office monthly programmes. So, aside from these limitations, an NRI is free to invest in a variety of additional Section 80 C-eligible tax-saving opportunities, such as ELSS, ULIPs, paying life insurance premiums, tax-saving FDs, repaying home loans, etc.
I’d like to conclude my answer here about the section 80c deduction for NRI. I hope this helps:)
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Deduction under section 80ccc is allowed to the extent of? What is 80CCC in Income Tax? What is Section 80C of the Income Tax Act?Your Feedback Matters! How was this Answer?
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Can NRI Claim 80C Deduction?
Sahil
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2023-02-28T16:05:42+00:00 2023-02-28T16:30:12+00:00Comment
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