NRI rental income : Rs.16000 pm
This query is : Resolved
31 December 2009
Hi
My client is an NRI who purchased a flat in Bangalore out of his foreign remittance.
The flat will be let out for rent effective Jan '10. Rental income is Rs.16000 pm.
Currently my client has no other income.
What is the tax liability to my client. Since,the income is less than the maximum amount not chargeable to tax. Is he exempt from filing return?
My client is an NRI who purchased a flat in Bangalore out of his foreign remittance.
The flat will be let out for rent effective Jan '10. Rental income is Rs.16000 pm.
Currently my client has no other income.
What is the tax liability to my client. Since,the income is less than the maximum amount not chargeable to tax. Is he exempt from filing return?
31 December 2009
Since income is below taxable limit. it is Exempted.
01 January 2010
Thanks. But, looking at taxability, since he is not a resident,THe tax rates does not apply. Should he be paying maximum marginal tax ie.30% and education cess?
02 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
