Best Tax Planning Strategies for NRIs to Maximize Tax Rebates


I am looking for advice on effective tax planning strategies for NRIs. Specifically, I would like to understand how to maximize tax rebates and what kind of tax planning is recommended. Here are a few specific areas I am interested in:

1.Maximizing Tax Rebates**: What are the best ways for NRIs to maximize tax rebates? Are there specific deductions or exemptions that NRIs can avail of to reduce their taxable income?

2.Investment Options**: What investment options are most beneficial for NRIs from a tax perspective? For example, are there any particular schemes or instruments that offer significant tax benefits?

3.Health Insurance for Senior Citizens**: How can NRIs take advantage of tax benefits related to health insurance premiums for senior citizen parents? What are the limits and conditions for claiming these benefits?

4.Double Taxation Avoidance Agreement (DTAA)**: How can NRIs utilize DTAA to avoid double taxation on income earned abroad and in India? Are there specific forms or declarations required to claim these benefits?

5.Other Tax Planning Tips**: Are there any other general tips or strategies for NRIs to ensure efficient tax planning and compliance with Indian tax laws?

I would appreciate detailed advice and any examples or experiences that can help clarify these points.

Thank you for your assistance.

Best Regards
Vikas Salve

Hey @VIkasDsalve,

I can help you with a few of these.

Mostly whatever deductions are allowed to residents are also allowed to NRIs. However, rebate u/s 87A is not allowed.

Just like residents, NRIs can also claim deduction under section 80D for health insurance premium taken for self and parents. The limit is ₹25,000 for self and ₹50,000 for parents (if they are senior citizen).

Here’s a detailed read on DTAA that can help: DTAA - Definition, Types, and Benefits - Learn by Quicko

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