Distributions: Distributions are taxable directly in the hands of the user as per his/her tax bracket. The indicative withholding tax under the current income tax regime has been reproduced below:
Residential status as per Income Tax Act, 1961 | Withholding Tax rate (TDS) |
---|---|
Resident | 10% |
*Non-resident Individual (“NRI”) | 30% (plus applicable surcharge and cess)* |
*NRIs can explore benefits under Double Taxation Avoidance Agreement (“DTAA”) entered with the respective country, subject to availability of Tax residency Certificate (“TRC”).
Yes, the tenant pays GST over and above the rent.
Yes, you can transfer the transaction amount from your NRE or NRO account.
Under Indian income-tax law, an NRI is required to pay tax on any Indian sourced or received income. A basic exemption limit is provided under the Indian tax law. If the income in India does not exceed the basic exemption limit, the NRI will not have to pay tax in India. If the income in India exceeds basic exemption limit, the NRI will have to pay taxes in India as per the applicable slab rates.
*NRIs can explore benefits under Double Taxation Avoidance Agreement (“DTAA”) entered with the respective country, subject to availability of Tax residency Certificate (“TRC”).
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