I am a NRI living in Dubai. I have certain income in India like rent, fixed deposit interest etc. I have a NRO account in which I deposit all my earning in India. Are the normal income tax exemption limit of Rs 100000 applicable to me if I file a IT return. Can I also claim the other deduction like LIC premium, NSC etc?
RE:Income generated in India for a NRI
by Amitabh on Apr 30, 2007 10:06 AM Permalink
Yes,the normal exemption limit will be applicable to you.Also you will get deduction for your investments under Sec 80C as well.It is available to any assessee,being an individual or HUF.There is no restriction as to the residential status.
RE:Income generated in India for a NRI
by Amitabh on Apr 30, 2007 10:10 AM Permalink
I would like to add one small thing here.Though there is no restriction under Sec 80C as to the residential status of the assessee,it may be that the investments under certain schemes may not be made by a non resident.If that be the case,it will be mentioned in the rules of that particular investment scheme itself.
