Hi I am an NRI and have inherited a rental property. 10%TDS is deducted at source by the tenant so could you please advise how to best calculate income tax and what can be deductions that I could apply.
could you please guide me with a simple calculation.
Many thanks in advance.
Mam,
The the rental income from the house property is already under the ambit of Income tax once the TDS has been deducted. You just need to file a return of income and apply for the refund if total income doesnot exceed the minimum limit exempted from tax.
It would have been better if you could give us the rental income from the property so that we can calculate and then reply.
If you are the owner of the property, you are eligible to claim deduction of 30% from the rental income. This income shall be taxed under the head income from house property.
agree with the above discussion
CAclubindia
