Indian origin us citizen rental and interest income in india


We bought and have rented property in india from Jan.2010. Monthly rent is 27,000/- and 10% tax is deducted at source. In addition we have about 10,000 in interest from banks.Can you please advise us on following: 1. Is Indian tax year from Jan. to dec. 2. Can we file joint returns 3. Is there different form non indian citizens.

Thanks, Nisha

asked Mar 15 '11 at 06:42 by ns01 1111

  1. Indian tax system work on Financial year (April-March)
  2. You can file joint return as a HUF (Hindu Undivided Family)
  3. You can claim deduction on account of Repair etc @ 30% of rent received. Income tax rates slab will be same as for Indians.

answered Mar 16 '11 at 14:37 by Pankaj Batra 5.2k320

Thanks a lot Pankaj
(Mar 22 '11 at 04:43) ns01

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Asked: Mar 15 '11 at 06:42

Seen: 2,407 times

Last updated: Mar 22 '11 at 04:43