Income tax on rental income for NRI

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  1. Shubhum

    Shubhum New Member

    Dear Sir,
    I am an NRI . Now I have brought a house in Bangalore and will be paying Rs. 70000/- per month as the interest on Home loan, My rental income per month is expected to be Rs, 50000.
    I do not have any other income in India
    Will I be liable to pay Income tax on the above income

    Please advise

    best regards
  2. I've assumed full 12 months income and interest payment and INR 50K as municipal taxes. You will have a loss from house property for INR 4.55 lacs. So,. if there is no other income in India, there is no tax liability and you do not need to file the return.

    However, I will suggest that you file a loss return before due date to carry forward and set off the loss from house property income in next 8 years.
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