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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Apr 02, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Asked by Anonymous - Mar 24, 2024Hindi
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Hi, I am employed in Maldives from last one year and while applying for a home loan, bankers are asking me if I have filed IT returns or not. Shall I file the same in Maldives or in India. My salary is around 6 to 7 LPA.

Ans: As an Indian citizen working in the Maldives, you may need to file income tax returns in both countries. If you've been in the Maldives for over 182 days, you're likely a tax resident there. However, you must file in India if your income exceeds Rs. 2.5 lakhs per year in India.

Utilize the Double Taxation Avoidance Agreement to avoid being taxed twice. When applying for a home loan in India, banks may request for proof of income and tax returns, so filing in India could support your application. Seek advice from a tax advisor well-versed in both countries' tax laws to ensure compliance and maximize benefits.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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