Home |Tax returns filing | I have recently moved to the UAE and I have income from rental properties and deposits in India. I wish to save some money on the income tax. What are the tax-saving instruments available to NRIs?

I have recently moved to the UAE and I have income from rental properties and deposits in India. I wish to save some money on the income tax. What are the tax-saving instruments available to NRIs?

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Viveka Viveka
Answered on February 12,2020

You can claim tax deduction under section 80C of the income tax Act. You may consider an equity-linked savings scheme (ELSS) if you want to invest in the Indian stock markets. A maximum deduction of INR1.5 lakh can be claimed under section 80C. Do note that NRIs may have to comply with rules and regulations of the Reserve Bank of India (RBI) before investing in Indian stock markets. You are also eligible to claim tax benefits such as deduction for property taxes paid and standard deduction of 30% from rental income earned by you in India. Section 80 TTA, which allows deduction for INR10,000 from income from savings account is also available to you.

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