Should a resident Indian receiving rental income from the US take advantage of depreciation and other tax reliefs allowed in the US, and then report the house property income on a net basis for tax purposes in India?
-Name withheld on request
While income should be reported in India, the taxation of such income falls under the head "income from house property", and specific provisions under the Indian Income Tax Act, 1961, must be adhered to. Indian tax authorities do not allow direct deductions for United States (US)-specific tax reliefs, such as depreciation, when calculating the taxable income in India.
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Denne historien er fra December 30, 2024-utgaven av Mint New Delhi.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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5 Contemporary Artists on the Books That Inspire Them
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