Personal Finance & Money Asked by Sonu VR on February 8, 2021
I’m residing in USA and have some property in India. An acquaintance of mine who is residing in Dubai has rented that property. Can he send the rent to the NRE bank account I had taken for while I was coming to USA ?
I understand that for the money I send to my NRE account from USA will fall under TDS. But how will the money sent from Dubai by my acquaintance be taxed ? Should I pay taxes for those ?
Rental income is taxable in India. I suggest you open an NRO account and have the rent deposited there.
Transfer into NRE are tax free in India.
Answered by Dheer on February 8, 2021
If you are paying taxes in the US, then you are required to declare on your US tax return all of your worldwide income, including this rental income. This is independent of which account the money is paid into.
Answered by DJClayworth on February 8, 2021
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