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Generally,people choose byui housing as it offers contemporary apartments for both men and women.But before that we should also be aware of the fact that a lot of changes takes place when a person’s status changes from a resident Indian to a non-resident Indian. Not only in terms of the tag NRI but also from the taxation point of view. People who were earlier living in India generally have properties which they let out to gain some extra income. They do not sell the properties in India because the property is a favourite Indian asset class and one of the main reasons for this is its ability to generate regular cash flows through rent. So people prefer to keep their properties instead of selling them when they start residing in other countries.

There are some income tax provisions related to the rental income earned by NRIs in India which are as follows:

• The rental income is liable to be taxable under Income from house property.
• The rent received is to be credited to either the NRI’s NRO or the NRE account depending on certain conditions.
• The rent proceeds will have to be credited to the NRO Account of the NRI. It can be credited to the NRE account, only when the person crediting the account is also an NRI and is getting it debited from his NRE account.
• NRI is entitled to a deduction of taxes levied by the local authority paid during the year and a further standard deduction of 30% thereafter. Interest paid and principal amount against housing loan taken for that property is also eligible for deduction under section 80C of income tax act in India.
• The tenant has to deduct TDS at the rate of 30.9%(considering education cess and SHEC)
• The balance amount of rent is liable to tax as per the applicable slab rates after considering the threshold exemption.
• If more TDS has been deducted than due tax, NRI may file your return claiming the deduction of 30% and the benefit of threshold exemption and lower slab rates.
• If the total Income earned in India including rental income is more than the minimum tax exemption limits.250000), then NRI’s must file the returns in India.

A person making a remittance (a payment) to a Non-Resident Indian has to submit Form 15CA. This form has to be submitted online. In some cases, a certificate from a chartered accountant in Form 15CB is required before uploading Form 15CA online. In Form 15CB, a CA certifies details of the payment, TDS rate, and TDS deduction as per Section 195 of the Income Tax Act, if any DTAA (Double Tax Avoidance Agreement) is applicable, and other details of nature and purpose of the remittance.

Form 15CB is not required when:                          

Remittance does not exceed Rs 50,000 (single transaction) and Rs 2,50,000 (in total in a financial year). Only Form 15CA has to be submitted in this case.

If lower TDS has to be deducted and a certificate is received under Section 197 for it or lower TDS has to be deducted in order of the Assessing Officer. Neither is required if the transaction falls under Rule 37BB of the Income Tax Act, where it lists 28 items.

In all other cases, if there is a remittance outside India, the person who is making the remittance will take a CA’s certificate in Form 15CB and after receiving the certificate submit Form 15CA to the government online. You can see how businesses manage finances as explained by Archimedia Accounts.

Example

Mr Kumar pays a monthly rent of Rs.100000 to Mr Raj who is an NRI. Mr Kumar a tenant must remember to deduct TDS at the rate of 30.9% or Rs.30900 before transferring the rent to Mr Raj’s account. Mr Kumar must also prepare Form 15CA and submit it online to the Income Tax Department.

IMPORTANT POINTS TO REMEMBER:

• Rental from both commercial and residential property is chargeable to tax under the head Income from House Property
• The tenant should have his/her TAN number and PAN for deducting TDS from the rental income.
• If an NRI has a property in India which is vacant and not rented out, the property would still be considered for tax under ‘deemed to be let out’.

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Maximizing Rent Income: Unleashing the Power of Social Media

In the competitive world of real estate, increasing rent income is a top priority for property owners and landlords. In today’s digital era, social media has emerged as a powerful tool that can significantly impact rental property success. This article will delve into effective strategies on how to leverage social media to maximize rent income and attract the right tenants.

The Importance of Social Media for Rental Property Owners

Social media platforms offer unique opportunities for property owners to enhance their online presence, connect with potential tenants, and establish themselves as reputable and trustworthy landlords. Leveraging social media effectively can provide the following advantages:

• Increased Property Visibility: Social media allows landlords to showcase their rental properties through visually appealing photos and videos, reaching a wider audience beyond traditional listing platforms.
• Targeted Audience Engagement: Engaging with potential tenants through social media platforms enables direct communication, addressing inquiries, providing property information, and nurturing leads.
• Building Trust and Credibility: By sharing valuable content, such as tips for renters or insights into the local community, landlords can establish themselves as knowledgeable and trustworthy authorities in the rental market.
• Effective Property Marketing: Social media advertising options can help target specific demographics, ensuring rental listings are seen by the right audience, increasing the chances of finding quality tenants.

Utilizing Social Media to Increase Rent Income

To harness the potential of social media and maximize rent income, consider implementing the following strategies:

1. Create Compelling Content: Share captivating images and videos of your rental properties, highlighting their unique features and amenities. Craft engaging descriptions and captions that evoke interest and entice potential tenants to reach out.
2. Optimize Social Media Profiles: Ensure your social media profiles are professional, complete, and up-to-date. Include relevant information about your rental properties, such as location, pricing, and contact details.
3. Engage with Your Audience: Respond promptly to comments, messages, and inquiries from potential tenants. Address their concerns, provide accurate information, and showcase your commitment to excellent customer service.
4. Collaborate with Influencers: Identify local influencers or real estate professionals who can promote your rental properties to their followers. Partnering with them can expand your reach and attract a wider audience of potential tenants.
5. Consider Paid Advertising: Invest in targeted social media advertising campaigns to reach a larger pool of potential tenants. Platforms like Facebook and Instagram offer advanced targeting options to ensure your listings reach the right people.

The Role of the marketing heaven in Social Media Success

When it comes to social media marketing, platforms like YouTube can play a vital role in increasing your rent income. By purchasing YouTube views from reputable providers like the marketing heaven, you can enhance the visibility and credibility of videos showcasing your rental properties.

Buying YouTube views can boost the popularity of your videos, attract organic viewers, and create a sense of social proof. This can lead to increased interest in your rental properties and generate more inquiries from potential tenants.