Last day to file ITR: Don't forget to pay tax on rent from foreign property

If you have kept the house for your own use and not let it out, estimate the deemed rental income

Many high net worth individuals who own houses abroad have in recent times been questioned by income tax officials for not having paid tax on the “deemed rental income” from those properties. It, therefore, becomes important for owners of foreign properties to understand the concept of deemed rental income and their tax liability on it.
 

For tax purposes, one house (in India or abroad) is treated as self-occupied. The owner has to pay tax on rental income on the other house (or houses). If the other house is not rented out, he has to arrive at a deemed or notional