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NRI with Rs 280k rental & interest income: Do I need to file taxes?

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Dec 17, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Jun 18, 2024Hindi

Money

Sir, I am an NRI. Besides my non resident salaries, I have some income of Rs 180k p.a. From rent and around Rs100k interest earning in India. I have a housing loan NRO where the interest payment is Rs 9 lakhs pa. Do I have to still file my returns . How much tax I have to pay.

Ans: You can opt for new tax regime and as per which your taxable income is below exemption limit of Rs.3 lacs, so you are not required to file income tax return unless any of the following conditions are applicable

Deposit > 1 Cr in Current A/c
Expense > 2 L for Foreign Travel
Expense > 1 L for Electricity
TDS/ TCS > 25K ( 50K senior citizen)
Deposit > 50 L in Saving A/c

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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Hello Sir, Me and and my spouse had bought a flat in 2021. We took a housing loan from BOI and we are paying almost 2.5 lakh per annum as a interest on the loan. Both of us are tax payers. My question is, while filing a income tax, can I declare 2L as interest on housing loan and my wife can declare a 50k as interest on housing loan. Or the interest amount should be equally divided among us?

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Question by A - Jul 24, 2023Hindi

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Dear Sir Greetings!! I am an NRI. I have taken a housing loan from my NRE account. I have income from Indian sources for which I need to file my IT returns which I am doing every year. However during the previous year 2022-23 I purchased a property where my family is staying. I have taken housing loan for the said property through NRE account. Is it necessary to show the interest and principal paid in my tax return under Income from House Property? Your guidance will be highly helpful to file my return. Thanks in advance. A V Rajan

Ans: Dear Mr. Rajan,

Greetings! I hope you're doing well.

To answer your question, as an NRI who has taken a housing loan from your NRE account, you can indeed claim tax deductions on the interest and principal paid for the property.

Under the Indian Income Tax Act, you can claim deductions under Section 80C for the principal repayment of your home loan, up to a maximum limit of Rs 1.5 lakhs. Additionally, you can also claim deductions under Section 24(b) for the interest paid on your home loan, up to a limit of Rs 2 lakhs.

However, please remember that these deductions can only be claimed if you have taxable income in India. Since you mentioned that you have income from Indian sources and you file your IT returns every year, you should be able to avail these benefits.

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Sir, I have my ancestral home which is due for repairs, I will seek a loan as collateral on it , what will be its tax implications, I'm presently an NRI.

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