Bigger India

NRIs continue to get tax benefits on their home loan in India

An ordinary resident in India will be taxable on his worldwide income in India irrespective of where the income is earned

Taxability in India depends on the following: Residential status in India; source of income; and place of receipt of income. Residential status depends on your total physical presence in India in current financial year and previous 10 financial years. Residential status is dynamic and needs fresh determination for each financial year. There are three types of residential status in India: Ordinarily Resident (OR); Not Ordinarily Resident (NOR); and Non-resident.

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