NRIs Guide to Pay Low Tax after Property Investment
Non-residents of India (NRIs) face so many complexities in filing for tax return over income earned. If they earn income from rent on Indian property or by selling their immovable land, that is counted as their taxable income. But Tax Exemption Certificate provides facility of paying lower tax rate over their capital gains in a year.
Many non-residents of India (NRIs) keep so many plans in stock for their retirement. It’s true that their heart beats for the country. That’s why most of them want to spend the rest years of their life after retirement in the native land.
Property management services for NRIs have been introduced more by the government. These allot them more opportunities for feeling ease while purchasing or renting out their property. However, it is an unhidden fact that the real-estate sector is waiting for improvisations. Diminishing price value of Indian rupee against US dollar is the prime reason to concern before making such investment.
The constitution of India states that Person of India Origin (PIO) and NRIs can invest their hard core money in immovable property. Before knowing more about their rights, let’s have a look at what immovable property is:
Immovable property: The property other than agriculture land/ plantation property/ farm house falls under immovable property. Such property is available for NRIs to purchase. It can be inherited by them also.
To keep some daunting legalities at bay, the migrants of India should be aware of various provisions made for them, especially the Income Tax Act, 1962 (ITA). Before investing their hard-earned money in property, they have to think about tax saving tricks which come under legal services for NRIs. An NRI should invest in the same as prescription:
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Hello I am kim Gill, a professional content writer in Mumbai, India. Being a tech savvy I love to explore internet and taking services online. I like to avail and write about online services for nris such as nri legal services and property managment that can help the nri in its day to day life.