Are you an NRI who has rented out his property? You must be wondering, “Do I need to show rental income NRI tax returns?” When it comes to taxation, the Indian government demands taxes on practically all of the income earned by both residents and non-resident Indians in the nation.
Check out the NRI property management service of NoBroker Assist yourself with the expert legal assistance service for property documentation from NoBrokerAccording to Indian law, regardless of citizenship status, any person whose income exceeds a specified slab (as per the taxation brackets in effect during that financial year) is obligated to file an income tax return in the nation.
Any income earned on these assets is liable to Indian taxation because NRIs and PIOs are permitted to purchase both residential and commercial property in India. Property rentals that exceed the basic exemption limits are included in this, along with capital gains on real estate investments and other sources of income from investments in shares, mutual funds, and term deposits.
If an NRI or PIO chooses to rent out their property (located in India), the rent revenues are credited to the NRE or NRO accounts after paying taxes and are then quickly available for repatriation. Income from a property that is located in India is taxable, and India rent NRI tax is computed according to the resident Indian tax rate. While interest earned on a Non-Resident Rupee (NRE) account is tax-free, interest earned on a Non-Resident Ordinary Rupee (NRO) account is subject to India's standard taxation.
How to pay income tax on rented property by NRI?The NRI or PIO's rental income in India is taxable, and the renters are responsible for withholding taxes from their rent payments at the source. Renters are required to obtain TAN numbers and deduct 31.2% of rental income as tax. The certificate for the same must be given to the NRIs. Whether you have made money from the rental property or not, as an NRI property owner, you must also file TDS on rent returns.
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Do I Need to Show Rental Income NRI Tax Returns?
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2023-02-28T16:17:50+00:00 2023-02-28T16:37:21+00:00Comment
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