NRI (Non-Resident Indians) & Indian Resident get similar tax benefits subject to repayment of principal and interest component of home loans availed in India. Before starting the further discussion on benefits available to NRIs in terms of home loans, it is important to evaluate whether the tax deduction available in India would be beneficial to NRIs or not. NRIs can be benefitted from the tax deductions if they have any income which is taxable in India. If NRIs have any taxable income in India, it will be easy for them to claim deductions on the repayment of interest and principal component from the taxable income as per Section 24, 80 EE, and 80C of the Income Tax Act.
Tax Benefits Available to NRIs for Home Loans in India
Following are the few tax benefits related to NRI home loans availed in India:
Changing status from NRI to resident Indian
In a scenario if the NRIs permanently shifts back to India then their status will be changed from Non-Resident Indian to Resident Indian, the lender may reassess your loan eligibility and repayment capacity and work out a revised repayment schedule. Anyhow there is no major impact as a resident has the freedom to acquire any type of property in India.
Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram
Buying a home is a significant milestone, but the hefty price tag isn't the only…
Tax lien certificates are those that are given to investors who demonstrate their interest in…
The Hindu Marriage Act of 1955 and the Hindu Succession Act of 1955, respectively, set…
Paying a house rent is an important and recurring monthly expense for an individual. Generally,…
Investing in real estate necessitates a lot of research, legwork, and hefty investments. Hence, a…
You're buying or selling a property – an exciting time filled with possibilities. But amidst…
This website uses cookies.