Tax on rental income of an NRI
This query is : Open
12 April 2023
How is the income tax calculated on a flat owned by an NRI (residing in Singapore ) rented at Rs 37,000 p.m. which is Rs 4,44,000 per annum? Do the tenant still has to pay 31.2% tds every month to income tax dept?
12 April 2023
If the tenant is an individual or HUF (Hindu Undivided Family) and the monthly rent exceeds Rs. 50,000, then the tenant is required to deduct TDS (Tax Deducted at Source) at the rate of 31.2% under Section 195 of the Income Tax Act. However, if the NRI obtains a certificate from the Income Tax Department for lower or nil TDS, the tenant can deduct TDS accordingly.
13 April 2023
Can the security money, (approx Rs 200000 ) via net banking be deposited in NRI's mother's ( resident Indian) account who is a family pension holder instead of his NRO account.
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