Non-Resident Indians (NRI) who are letting out the properties in India have to know two basic tax information, namely Income Tax and GST

Income Tax / TDS / Withholding Tax – Suppose, an NRI let-out his flat in Koramangala to an individual for residential purpose on a monthly rent of Rs.35000. Should the tenant deduct tax (TDS/Withholding tax)? Or if an NRI let-out his commercial / industrial building to a company, should they deduct tax?

The Foreign Exchange Management Act, 1999 (FEMA) empowers the Reserve Bank to frame regulations to prohibit, restrict or regulate the acquisition or transfer of immovable property in India by persons residents outside India. The regulations governing acquisition and transfer of immovable property in India are notified under Notification FEMA No.21/2000-RB of May 3, 2000, as amended from time to time.

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