NRIs with rental income in India, beware. Indian taxmen will chase you on the lead given by your own tenant, if you don’t come clean on filing your tax returns when you earn more than the stipulated threshold income in India.
“Property is one of the most preferred asset classes for NRIs for the rental income, though many NRIs believe they need not pay any tax on the rents they receive. They have to, but with some riders,” said Benoy Sasi, international lawyer at the DIFC, who practises tax law in India.
A recent notification from the Indian tax authority stipulated that NRI landlords are required to pay 31.2% of the rent as tax, unless they furnish certificates stating that their total income in India is below the tax exemption limit.
Read the full article on International Adviser
“Property is one of the most preferred asset classes for NRIs for the rental income, though many NRIs believe they need not pay any tax on the rents they receive. They have to, but with some riders,” said Benoy Sasi, international lawyer at the DIFC, who practises tax law in India.
A recent notification from the Indian tax authority stipulated that NRI landlords are required to pay 31.2% of the rent as tax, unless they furnish certificates stating that their total income in India is below the tax exemption limit.
Read the full article on International Adviser
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