If you live abroad and rent out a property in India, a few tax basics are worth knowing before you speak to your Chartered Accountant.
- Rent from a property in India is generally taxable in India, even if you live abroad.
- Municipal taxes you pay, and a standard deduction, can reduce the taxable amount.
- Tenants paying rent to an NRI are generally required to deduct tax at source (TDS) before paying you.
- You may need to file an Indian income tax return, and a tax treaty may give relief in your country of residence.
What Flourrish does
We don't give tax advice. We keep clear records of rent, expenses and receipts, and coordinate with a Chartered Accountant so the right person handles your filing.
This is general information, not tax advice. Flourrish can coordinate with qualified legal, tax and banking professionals where required. Professional advice should be obtained from the appropriate licensed advisor.
