Repatriation of Rental Income from India for NRIs or OCIs
If an NRI or OCI owns a property in India and earns rental income from it, they are allowed to repatriate the rental income after deducting applicable taxes. Here are the key points to keep in mind regarding repatriation of rental income from India:
- Taxes: Rental income earned by an NRI or OCI is subject to income tax in India. The tax rate depends on the amount of rental income earned and the tax laws applicable in India. The NRI or OCI must obtain a Permanent Account Number (PAN) from the Indian tax authorities and file income tax returns in India.
- Repatriation limit: The amount of rental income that can be repatriated is subject to certain limits. Currently, the limit for repatriation of rental income is up to USD 1 million per financial year. If the NRI or OCI wishes to repatriate more than USD 1 million per financial year, they must obtain permission from the Reserve Bank of India.
- Documentation: To repatriate rental income, the NRI or OCI must provide documentary evidence of the rental income earned, such as rent receipts, bank statements, and tax returns. They must also obtain a certificate from a chartered accountant stating that all taxes have been paid on the rental income.
- Mode of repatriation: The NRI or OCI can repatriate rental income through the banking channels authorized by the Reserve Bank of India. The funds can be remitted to the NRI or OCI’s bank account outside India in the currency of their choice.
It is important for NRIs and OCIs to comply with all the regulatory requirements related to repatriation of rental income from India to avoid any legal or tax implications. They should also consult with a tax expert to understand the tax implications and plan their finances accordingly.
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