I am an NRI from U.S. I have salary account (Savings A/C) in India which was opened at the time of joining with India software company in Dec 2004.
1. I have got the home loan when I was in India and I have set up auto debit option on my Savings A/C to pay monthly EMI'S for this. I did not claim tax exemption on this so far because I don't have any other income in India to get the tax benefit. Can I show this on my tax returns from this year on wards even I am using India savings A/C to pay the home loan EMI'S?
2. Now I am going to occupy my Residential flat (which is bought from the above said home loan) in this month and I am going to rent out this to a private party (not relatives) starting from April 2008. Can I keep this rent income in my present Savings A/C and is it taxable or not?
3. I came to U.S in May 2006 and I have done my tax returns (Form-16) for year 2006-07 (1st April 2006 to 31st March 2007) by showing India salary only (March, April & May 2006) and I did not show the overseas salary which is taxable here. Is this correct?
4. Still my residential status is not updated on either my Savings A/C or Home Loan A/C in India (Resident Indian only) and also I am remitting the money to my own savings A/C from here every month for the purpose of my family maintenance expenses and to pay home loan EMI's. Can I continue this?
5. Also I bought a house plot in India by transferring money to my own Savings A/C from here in the year 2007 as an NRI. Is this correct?
6. As explained above, so far I have used my India Savings account only for all these transactions.
7. Is it mandatory for NRI's to perform any transactions in India using NRE / NRO A/C's only or is it optional?
8. What care needs to be taken for 2007-08 tax returns submission to correct all these?
Please suggest the best solution for this.
From United States, Reynoldsburg
1. I have got the home loan when I was in India and I have set up auto debit option on my Savings A/C to pay monthly EMI'S for this. I did not claim tax exemption on this so far because I don't have any other income in India to get the tax benefit. Can I show this on my tax returns from this year on wards even I am using India savings A/C to pay the home loan EMI'S?
2. Now I am going to occupy my Residential flat (which is bought from the above said home loan) in this month and I am going to rent out this to a private party (not relatives) starting from April 2008. Can I keep this rent income in my present Savings A/C and is it taxable or not?
3. I came to U.S in May 2006 and I have done my tax returns (Form-16) for year 2006-07 (1st April 2006 to 31st March 2007) by showing India salary only (March, April & May 2006) and I did not show the overseas salary which is taxable here. Is this correct?
4. Still my residential status is not updated on either my Savings A/C or Home Loan A/C in India (Resident Indian only) and also I am remitting the money to my own savings A/C from here every month for the purpose of my family maintenance expenses and to pay home loan EMI's. Can I continue this?
5. Also I bought a house plot in India by transferring money to my own Savings A/C from here in the year 2007 as an NRI. Is this correct?
6. As explained above, so far I have used my India Savings account only for all these transactions.
7. Is it mandatory for NRI's to perform any transactions in India using NRE / NRO A/C's only or is it optional?
8. What care needs to be taken for 2007-08 tax returns submission to correct all these?
Please suggest the best solution for this.
From United States, Reynoldsburg
I feel this is the right time and opportunity to invest in Indian Real estate market. However it is important to check what sort of investment are you looking, some important properties which can fetch you immediate returns or if required and also housing loans, I have details of home loans at <link no longer exists - removed> , can someone provide me more such information.
From India, Mumbai
From India, Mumbai
The Government has opened route for the NRIs to invest in India. NRIs can enter through industrial, financial or even service sectors. Our variety of services include NRI Investment Services, NRI Financial Services etc. some important properties which can fetch you immediate returns or if required and also housing loans..
From India, Ahmadabad
2From India, Ahmadabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
S.tax returns.xls