Income Tax Return filing for NRIs: If you have purchased a house abroad with an income earned or a loan taken outside India, you need not mention the details of such purchase while filing Income Tax Return in India for AY 2023-24.
According to Chirag Nangia, director of Nangia Andersen India, an NRI is only liable to tax in India to the extent of India-sourced income. Nangia said this while replying to a query by an NRI who is getting a salary in Luxembourg but paying tax and filing returns in India too for the interest income.
In FY 2022-23, this taxpayer purchased a house in Luxembourg after taking a loan from a bank there. He had asked whether he would have to mention the purchase of a house and salary received in Luxembourg while filing ITR for AY 2023-24 for the interest income he earned in India in FY 2022-23.
“…there is no need to mention the details of the house purchased and salary received in Luxembourg,” Nangia said while replying to the query.
Meanwhile, the Income Tax Return filing for AY 2023-24 has started. taxpayers can go to the e-filing website of the Income Tax Department to file their returns for the income earned in FY 2022-23. Tax experts say it is better to file ITR as soon as possible before the due that for faster processing and return of refunds, if any.
As per information on the Income tax website, as many as 41,60,280 ITRs were filed for AY 2023-24 till 11 June 2023. Of these, over 37 lakh returns were verified and 3949 returns were processed by the Income Tax Department.
Taxpayers can file their returns on their own, or they can also take the help of tax professionals like chartered accountants for doing so. If you are planning to file ITR on your own, here are all the important details that you should know.
The due date to file ITR for AY 2023-24 is July 31, 2023, for taxpayers whose accounts don’t need to be audited.