I Bought a flat in Mumbai, Earning Rs 3 Lakh As Rent, Can NRIs Must Pay Tax for income in India
Posted on Fri May 02, 2008 at 05:45:00 AM EST
Q I am a non-resident Indian. I bought a flat in July 2000 in Mumbai jointly with my wife out of the funds earned abroad and remitted through a bank. I have let out the flat and am earning Rs 3 lakh per annum as rent, which I presume can be repatriated. Is this amount taxable with my other interest income in India, even if the amount is retained in India or will it be taxed only if I repatriate the money?
A. A You are liable to pay tax on your rental income as well as your interest income in India even if you are not repatriating it. As per the Income Tax Act, an NRI is liable to pay tax on any income accruing or arising in India or considered to accrue or arise in India. Further, you will be eligible to claim various deductions provided under the income tax law.
Source: www.asainage.com By Kamal Rathi 01/May/08
By Mr Chitranjan, Section Ask Questions
Posted on Fri May 02, 2008 at 05:45:00 AM EST
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