Bigger India

An NRI’s domestic income from rental is liable to tax in India

Rental income from house property situated in India is liable to income-tax in India.

Rental income from house property situated in India is liable to income-tax in India. The method of computing taxable rental income is prescribed under the income-tax law as follows:

Gross annual value less municipal taxes give the net annual value (NAV). Reduce standard deduction of 30% of NAV and interest on housing loan from this, which will then be the taxable rental income.

Read it at Live Mint

Leave a Reply

Your email address will not be published. Required fields are marked *