Filing Income Tax Returns for Indian income in India

Jump to Page:
< Previous [ 1 ] [ 2 ] Next >

Many
Member since: May 13

Posts: 113
Location:
Post ID: #PID

Posted on: 02-12-16 00:52:37

We have NRE and NRO accounts in India.
For the first time we will be filing Income Tax return in India.
Income being the 1)Interest earned on the amount in NRO account and rental income into NRO account.
Do we also have to show Interest earned in the NRE account? (non-taxable income) in the I-T returns ?

-----------------------------------------------------------------
Many

Many
Member since: May 13

Posts: 113
Location:
Post ID: #PID

Posted on: 02-12-16 12:03:54

Thank you Futureguy,
Rental income in India is 3 lakhs/p.a.
We file Income-tax returns in Canada. Yes, they deduct 30% on all interest income in NRO a/c
If we file I-T returns then all Income needs to be shown; that is what we were thinking?

-----------------------------------------------------------------
Many

Full House
Member since: Oct 12

Posts: 2677
Location:
Post ID: #PID

Posted on: 02-12-16 14:12:11

That is why we always say, "Go and see an Accountant". Yes we do have DTAA. (But the Indian Tax Accountants might not have a clue about the Canadian Taxes and the deductions permitted in our tax system. So, it is nice to come to CD and post to us your queries here and we will see if we can solve them first.

We have a large Personal Deduction of say $11,000. and if you are a Senior, then a few additional bucks to go with with it. See the 2015 Tax Forms and Guides to get an idea. If your income is under the limits, then we do not pay any taxes. So, do not hesitate to DECLARE the income from Rental Property in a Overseas Location. Be truthful and stay on top. You were thinking right and you are a good man MacGee.

Also file your Tax Return in India also and claim your Interest deductions back.

Hope this helps.

FH.

---

Quote:
Originally posted by Many

Thank you Futureguy,
Rental income in India is 3 lakhs/p.a.
We file Income-tax returns in Canada. Yes, they deduct 30% on all interest income in NRO a/c
If we file I-T returns then all Income needs to be shown; that is what we were thinking?

Many
Member since: May 13

Posts: 113
Location:
Post ID: #PID

Posted on: 03-12-16 06:59:09

Thank you FH for your helpful suggestions

-----------------------------------------------------------------
Many

Many
Member since: May 13

Posts: 113
Location:
Post ID: #PID

Posted on: 03-12-16 21:02:09

Futureguy, you nicely explained about NRE/NRO and rental income - thanks.
But not reporting foreign property on Canadian IT is little tricky.
If we ever thought of selling and bringing part of that money to Canada, there would be questions!

-----------------------------------------------------------------
Many

Contributors: futureguy(5) Many(4) Full House(1)

Jump to Page: < Previous [ 1 ] [ 2 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: Filing Income Tax Returns for Indian income in India
	Topic	Forum	Views	Replies
	Understanding Canadian Tax	Accounting and Taxation	2162	1
	India - comprehensive but interesting collection of websites	General	16300	3
	Top Eight Reasons NOT to immigrate to Canada ** ( 1 2 3 ... Last )	Jobs	65219	324
	Nine ways to save on taxes using RRSPs ( 1 2 3 )	Financial Planning	6350	19
	Top 10 Tax-Filing Tips from ERNST & YOUNG	Accounting and Taxation	1797	0
	Sticky: RRSP 101 (All RSP questions answered) ( 1 2 3 ... Last ) Tax benefits for Canadian Residents	Financial Planning	131100	121
	Sticky: All Home Hunters Unite! ( 1 2 3 ... Last )	Real Estate & Mortgages	68079	201
	Getting Gift money from India ( 1 2 3 4 )	Financial Planning	16429	22
	Appeal-War Atrocities (Kargill)	Articles	11215	0
	Message for our brave soldier‏	Sports	11358	2
	Banking on India	Our Native Country!	2318	0
	The Best Answers to Tough Interview Questions ( 1 2 3 4 )	Jobs	10428	24
	Retire in India ( 1 2 3 4 )	Financial Planning	12831	27
	NRO and NRI account	Our Native Country!	3747	4
	TN Visa to Green Card ( 1 2 3 4 5 )	USA	9497	31
	What to do with RRSP? Need advice ( 1 2 3 ... Last )	Financial Planning	19672	44
	quesiton on buying business of convenience store ( 1 2 3 4 )	Business	8766	22
	Savings Bank Account in India ( 1 2 )	Our Native Country!	3225	7
	Canadian working in US (Tax return)	USA	2223	4
	Filing Income Tax Returns for Indian income in India ( 1 2 )	General	2358	9
	Do i have to file taxes in india being OCI holder ? ( 1 2 )	Accounting and Taxation	6113	8
	Bank accounts in India ( 1 2 )	Our Native Country!	6404	12
	ADHAR Card for OCI card holder / NRI ( 1 2 )	Our Native Country!	4126	7
	All we need to know about NRE / NRO Account	Our Native Country!	6942	6
	RRSP withdrawal if moving back to India.	Financial Planning	3040	3

Charcha

Filing Income Tax Returns for Indian income in India

Discussions similar to: Filing Income Tax Returns for Indian income in India