I am a new NRI in US. I would like to know the tax implications if I give my apartment on rent. I am getting interest income of about Rs.2.20 lakhs. I am not getting any other income from India. I am also not getting any income in USA.
1.Is the Tenant required to make any deduction -like 10% or 30.9% from the rent he pays?
2. Is there any standard deduction which I can claim for repairs etc"
3. Can I deduct the property tax ?
4. Is the income from rent ie. Gross rent less deductions in 2 & 3 above treated as normal income & it is to be added to my interest income for tax calculation purposes? ( As of now my income is within threshold limit & it may go beyond it if rent income is added. Hence this query please)
Any other point I have to take care?
I would appreciate learned experts to kindly advice me