The NRI will have to pay the stamp duty and the registration fee while purchasing but will have no additional tax due at the time of the purchase.

  • He shall be able to avail the same benefits as resident Indians on the interest paid towards the house loan.
  • In case the property is leased then the tax procedure becomes slightly more complicated. The income received by this means shall be treated as Income from Property and hence the standard slabs will be applicable with the standard deductions also. For NRIs residing in nations where worldwide income is taxable such as the US, the individual will have to pay the tax applicable in that country unless there is a Double Tax Avoidance Agreement with India.
  • As a special benefit all amount paid towards the interest of the home loan repayment is deductible from the taxable income for NRI without any upper limit.
  • In case the NRI sells off the property he shall be liable for the capitals Gains Tax as applicable under the IT Act.

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