Home |Tax returns filing | I live in London and want to rent out a flat in Hyderabad to another NRI for 2 months. The rent will come to my NRO (non-resident ordinary) account. What will be my tax liability?

I live in London and want to rent out a flat in Hyderabad to another NRI for 2 months. The rent will come to my NRO (non-resident ordinary) account. What will be my tax liability?

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Abhishik Abhishik
Answered on February 10,2020

Income from a flat in Hyderabad will be taxed in India in your hands. You will have to report this income under the head 'income from house property' while filing your income tax return (ITR) in India. You will be allowed to deduct municipal taxes paid by you and claim 30% standard deduction from rental income. The lessee may deduct tax at source (TDS) if the monthly rental exceeds INR50,000. TDS is deducted for the whole year in March or when the last payment is made. You will be able to see this TDS in your Form 26AS. You can claim it from total tax payable at the time of filing ITR. 

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