Rental Income Repatriation
We facilitate the transfer of rental income earned by NRIs in India to their foreign bank accounts, ensuring compliance with all regulatory requirements.
Problem Addressed:
Transferring rental income abroad involves understanding tax implications, adhering to repatriation limits, and completing necessary documentation, which can be complex for NRIs.
Process Flow:
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1. Lease Agreement Review:
Ensure the rental agreement is legally sound and compliant with local laws. -
2.Tax Deduction at Source (TDS):
Ensure tenants deduct TDS on rental payments to NRIs, as per Indian tax laws. -
3. Income Deposit:
Facilitate the deposit of rental income into the NRO account. -
4. Tax Filing:
Assist in filing annual income tax returns in India, reporting rental income, and claiming any eligible deductions. -
5. Repatriation Documentation:
Prepare Form 15CA and obtain Form 15CB from a Chartered Accountant, certifying that taxes have been duly paid. -
6. Fund Transfer:
Coordinate with authorized banks to remit the rental income to the NRI's overseas account, within the repatriation limit of USD 1 million per financial year.
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