Tax is deducted at source for Interest earned in NRO Accounts. What are the options for saving this tax amount.
Situation :
1. TOTAL TAX EARNED (through interest) : 2.4Lakhs
2. No Other income in Income
3. Account Type - JOINT NRO
Thanks
Siddharth Mishra (12 Points)
26 January 2024Tax is deducted at source for Interest earned in NRO Accounts. What are the options for saving this tax amount.
Situation :
1. TOTAL TAX EARNED (through interest) : 2.4Lakhs
2. No Other income in Income
3. Account Type - JOINT NRO
Thanks
Saravanan nagaraj
(463 Points)
Replied 27 January 2024
1) You can avail tax deduction under 80C up to 1.5 lakhs.
2) If you have property income you can claim 30% deduction.
3) If you buy a home loan. You can avail tax exemption up to 2.50 lakhs. * Condition apply.
4) being a joint account, you spouse or family member has tax liability too. Please check your Form 16A. So, your liability split into two part.
5) you have not mentioned your age. Please plan retirement benefit with good maturity returns. The maturity amount is non taxable.
6) Invest in PPF is 100% safe, NPS is also good investment but it is depending market. It is good for long time investment.
Siddharth Mishra
(12 Points)
Replied 29 January 2024
Thanks for the reply. Age - 45yrs
1. tax deduction under 80C - Is this going to reduce TDS or its claimed when tax return is filed ?
5. plan retirement benefit with good maturity returns - Can you please share an example.
thank you in advance.
Regards
Saravanan nagaraj
(463 Points)
Replied 29 January 2024
I'm Saravanan, a tax consultant cum Insurance advisor, if you are interested my services, I will take care of it. Or I can give you my suggestion shortly.
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