Your Feedback Matters! How was this Answer?
Your Feedback Matters! How was this Answer?
When you rent out residential property, then the income generated from such property is taxable under the ‘income from house property’ head. First, you will have to find out your property’s annual value—which will be higher than the actual rent received for the particular property or standard rent the property might get. All the municipal taxes that you pay during the year will be allowed as a deduction. Plus, a deduction of up to Rs.200000 is allowed towards the interest that you have to pay on any home loan taken for that particular property and a standard deduction at 30 percent of the annual value is allowed towards maintenance and repairs. These are the NRI buying property in India tax implications.
Can NRI Apply for GSTI want you to know that you can submit an application for GST registration online using the FORM GST REG-09 along with your valid passport’s self-attested copy.
Can NRI claim GST refundAn NRI’s tax benefits are similar to an Indian resident. An NRI is entitled to every tax benefit regarding property purchase that an Indian resident is.
Take the help of NoBroker’s NRI Services and Buy Your Dream Property Easily Read more: Can NRIs purchase agricultural land in India? How can NRIs purchase a property in India?I hope you like my answer on “NRI buying property in India GST benefits.”
Your Feedback Matters! How was this Answer?
Since you are buying property in India with the intent of renting it out, you shall fall in the list of Non-Resident Taxable Persons.
The Section 24 of GST law says that NRTP has to mandatorily register for GST number. The law says NRTP has to apply for GST registration at least 5 days prior to the commencement of business.
You can check with NoBroker Property Management Services. They can help you with all the formalities and queries around property buying in India for NRIs.
I am an NRI planning to buy a property in India which would be rented for residential purpose. So while buy the property can I register myself for GST number and obtain GST return benefit on the GST tax paid during the deal?
Shree
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2021-07-03T10:43:35+00:00 2021-07-13T15:44:09+00:00Comment
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