Hi,
I have questions related with NRE Income tax returns :-
- I don't have any earning in India. However I have resident demat account( I know it should be converted to NRO account. I shall do it in my next visit to India) and total investment is approx 8L. I have earned from dividend, selling stocks / MF etc is less than 1L during FY16-17.
- I have around 60L FDs in NRE bank account.
- I own a house jointly with my father. My father keeps the rent.
3 Answers
Dear Rahul,
Are you referring to NRI Income Tax returns?
If you have a property which is jointly held then rental income also has to be shared among the co-owners as per their share of ownership in the property. This rental income is a taxable income.
For an NRI, interest earned on NRE deposits is exempt from tax in India.
1 - Kindly read :
https://www.relakhs.com/new-itr-forms-ay-2017-18-fy-2016-17/
2 - Yes, NRIs have to declare their assets & liabilities when filing their ITRs.
3 - NRIs can avail the same deductions under Section 80C that are available to resident Indians
4 - Same as Resident Indians. Kindly read :
https://www.relakhs.com/latest-income-tax-slab-rates-for-fy-2017-18/
5 - You may go through below articles as well, can be useful to you ;
https://www.relakhs.com/residential-status-calculator-nri-taxation/
https://www.relakhs.com/income-tax-return-filing/
Thank you so much for your detailed explanation. I checked ITR1 form there is no option to declare assert and liabilities there. Could you please guide me in this ?
Regards,
Rahul
Please login or Register to submit your answer