Q: Is there tax liability for NRIs on the purchase, sale and renting properties?
A: On purchase of property, NRIs do not have any tax liability in India; however, NRIs are liable to pay tax in the following instances:
*Income earned from the rental of a residential property is...
Q: Are fund units liable to the wealth tax?
A: No, units issued to overseas investors will not be treated as assets as defined under section 2(ea) of the wealth-tax act, and hence will not be liable to wealth tax.
Q: Is money transfer from NRE accounts to savings accounts is taxable?
A: There are no restrictions for transferring the money from the NRE account to your foreign account. It allows you to transfer funds from your existing NRE savings account to open NRO/FCNR accounts...
Q: Is money sent to parents in India taxable?
A: The money sent to parents is treated as a gift and is not taxable in India. However, if your parents invest that money, all gains from it would be taxable under Indian income tax.
Q: Is TDS deducted on NRO account?
A: Interest earned on NRE and FCNR accounts are tax-free in India. Hence, there would be no TDS. However, interest earned on the NRO is taxable and will be subject to a TDS of 30% and there is no...
Q: What is the income tax rate for NRI?
A: There is an exemption on the sale of property for an NRI. Long-term capital gains earned by NRIs are subjected to a TDS of 20%.
Q: Is there any tax on NRO account?
A: Interest earned on NRE and FCNR accounts are tax-free in India. Hence, there would be no TDS. Interest earned on NRO accounts in taxable and subject to a TDS of 30%.
Q: Is it necessary to file income tax return for NRI?
A: It's not mandatory for an NRI to file income tax returns in India until his income through rentals and fixed deposit interest is more than the basic exemption limit of 2.5 lakh for the year.
Q: Do NRIs have to pay GST?
A: NRI or not every individual must file a tax return if their income exceeds Rs 2,50,000. But note that NRIs are only taxed for income earned in India.
Q: What is the proof of the tax deduction at source?
A: A TDS certificate is issued in the name of the investor mentioning the details of the transaction and the tax deducted. The TDS certificate is commonly known as Form16 A.