Can the rental income from such property be remitted outside India?
Ans. Such rental income (net of applicable taxes) in the first instance, will have to be credited to the ordinary non-resident rupee account of the owner of property. Thereafter in accordance with the provisions governing conduct of NRO accounts, current income may be repatriated outside India. In case of NRIs not maintaining an NRO account in India, authorised dealers can remit rental income of current year on the basis of an appropriate certificate by by a chartered accountant certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid or provided for. In case such an NRI is not having taxable income in India, he can remit rental income without CA’s certificate, on a simple declaration (in duplicate) to the effect that he/she is not a tax payer in India.
Such rental income (net of applicable taxes) in the first instance, will have to be credited to the ordinary non-resident rupee account of the owner of the property. Thereafter, in accordance with the provisions governing conduct of NRO accounts, current income may be repatriated outside India. In case of NRIs not maintaining NRO account in India, authorised dealers can remit rental income of current year on the basis of an appropriate certificate by a chartered accountant certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid or provided for. In case such NRI is not having taxable income in India, he can remit rental income without CA’s certificate, on a simple declaration ( in duplicate) to the effect that he/she is not a tax payer in India.
