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Tax Saving Tricks for NRI Property Management

An NRI can have ownership of multiple properties. But exception is there. Only movable property in any number can be his own. But the claim for self-occupied is applicable over one. 30% of the total rental amount can be deducted as maintenance charge. The tax can be deducted against the payment of 2nd property’s interest on loan.

ManojSodhani
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Tax Saving Tricks for NRI Property Management

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  1. Services2nri.com Tax Saving Tricks for NRI Property Management

  2. In which property NRIs can invest? Movable property, like house, shop, bungalow and apartment. Agricultural land, farmhouse and plantation property are disallowed to own. Services2nri.com

  3. How many properties NRIs can purchase? Unlimited number of commercial and residential property. Services2nri.com

  4. Impact on taxation for owing multiple properties by NRIs Services2nri.com

  5. What Indian Income Tax Act states? Although an NRI can own multiple properties yet only one can be claimed self-occupied. Other properties’ ownership can’t be claimed but can be used for self. If the property is rented out, its rental income will be taxable. Services2nri.com

  6. What if an NRI inherits property although he already owned a property? Inherited property is considered as a source of rental income. It’s not essential that you rent it out but it’ll be considered so. Income tax act is applicable. Services2nri.com

  7. Tax Savings Services2nri.com

  8. Tricks to save Taxon rental income 1/3 of the total rental amount can be cut out as maintenance. Maintenance charge can be 30% of the rent. If paid property tax, you can ask for tax deduction. Interest paid on property loan can be deductible on tax. Services2nri.com

  9. Tax Savingtricks on second property Claim can be made in full for EMI of 2nd home’s loan. Full deduction on tax can be claimed for paying interest on 2nd home’s loan (INR 1.5 lakh can be called for tax deduction to pay interest on 1st home’s loan). Services2nri.com

  10. Thank you Services2nri.com

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