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NRI Taxation
 
 
 

To be eligible for NRI status the person should be a non-resident under the Income Tax Act. He should be a citizen of India or his parents or grandparents should have been born in undivided India. NRIs based outside India can continue to enjoy non-resident status in India if their presence in India is more than 60 days but less than 182 days, even if their stay in India during the past four financial years is 365 days or more.

The Government of India has entered into tax treaties or Double Tax Avoidance Agreements (DTAA) with several countries where Indians reside in large numbers. NRIs can benefit from this tax because these tax treaties often provide lower tax rates and exemptions in addition to those available under the domestic tax provisions.

NRIs are taxable on income accrued or received in India. Income earned and received outside India is not taxable in India. If an NRI comes back to India and loses his NRI status, he will not be subject to tax in India on his world-wide income if either of the following two conditions are satisfied:

1. He has been in India for not more than 729 days during the preceding seven financial years;
or
2. He has qualified as a non-resident for nine out of 10 preceding financial years.

An NRI coming back to India after a long stay overseas may be exempted from tax for first two years only if the above mentioned conditions are satisfied.


Tax Exemptions

The Income-Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing officer to issue specific certificate authorizing the payer of income to deduct tax at a lower rate or nil rate as the case may be. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. Any NRI from whose income the tax is likely to be deducted can apply to obtain exemption for tax deduction on the basis that his/her income in India is less than Rs.1, 50,000/- per year or if the likely to be deducted tax is more than the estimated tax liability.

The following two deductions are available under the Income Tax Act, 1961.

Standard Deduction: 30% of net annual value is deductible irrespective of any expenditure incurred by the taxpayer.

Interest on Borrowed capital: Interest on borrowed capital is permitted as deduction if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. If the person has occupied more than one house then in that case only one house (according to his choice) is treated as self-occupied and all other houses will be "deemed to be let out".



*Disclaimer- Data provided above is strictly for informational purposes only. We do not make any claims on accuracy of information.

Testimonials

First of all I would like to thank  you  and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I  took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend  the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned   it  has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..

My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days.

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It's a wonderful experience with the tennis academy and my daughter liked it. Also she is getting good training and love for the game.
The coaches are good and we would continue using their expertise for Nishita going onwards. We are also looking forward for signing (actually instrument) and dancing coaching too.

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This is to share with you that both my little girls (Aditi Anisha) are really enjoying their Tennis classes at the Mahesh Bhupathi Tennis Academy.
I always find them very excited whenever there is TENNIS CLASS, and this excitement matters to both of us, as the kids seems to be interested.
It’s nice to see them constructively engaged, and coming home happy and having felt productive in their own child little way. It’s a great way for them to bond with other young ones and feel belonged to a larger community.
Thanks to You, Gera Developments and MBTA for giving our young ones, an opportunity for a wonderful learning experience.
Now they are looking forwar..

Regarding the workshops & different academy sessions, it has been wonderful experience so far for Shlok and we’re looking forward for the new opportunities.
It’s absolutely fantastic to have all these academies in the premises, and that too from the renowned personalities, so we can send kids without worrying about other factors like safety & all.
And most importantly, a big thanks to you for the lovely follow-ups & timely updates about the upcoming/ongoing sessions.

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