Indian tax on rental income from US property - owned by US Citizen/OCI

[tpanchwagh]

Hello,

I need some advice for the following situation.

1. I have a property in the US which is currently rented out. I have owned it for 6+ years (4+ years before R2I).
2. I am a US Citizen/OCI holder.
3. I have no other income in the US.
4. I have been physically present in India for the past 2 years (RNOR status is over).

Question -
1. Is there any deduction allowed for the interest that I pay to service my mortgage in the US?
2. Is there any deduction allowed for the property taxes paid on the property?
OR
1. Is the whole rental amount (minus the 30% mandatory deduction) taxed in India?

Thanks for any advice/help.

Btw, I am looking for a good tax consultant who can help me file (and minimize) my India and US tax liability.

[bayvasi]

I have the same questions as you.

Hello,

I need some advice for the following situation.

1. I have a property in the US which is currently rented out. I have owned it for 6+ years (4+ years before R2I).
2. I am a US Citizen/OCI holder.
3. I have no other income in the US.
4. I have been physically present in India for the past 2 years (RNOR status is over).

Question -
1. Is there any deduction allowed for the interest that I pay to service my mortgage in the US?
2. Is there any deduction allowed for the property taxes paid on the property?
OR
1. Is the whole rental amount (minus the 30% mandatory deduction) taxed in India?

Thanks for any advice/help.

Btw, I am looking for a good tax consultant who can help me file (and minimize) my India and US tax liability.

[anitajojo]

sorry to revive an old thread. But i am in the same situation. Any advice would be greatly helpful.

Thanks..