[Rent Out The Best Properties Online In India With These Tips

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As a Non-Resident Indian (NRI)/Overseas Citizen of India (OCI)/Person of Indian Origin (PIO) renting out an immovable property in India, you might want to understand how taxes are to be paid. With more and more NRIs becoming property owners (commercial and residential) in India, rent can be yet another source of income. It is crucial to get a grasp of the tax regulations to make smart choices and be compliant with the Indian tax laws.

Rent out the best properties online in India with these tips

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Open a Non-Resident Ordinary (NRO) account to receive the rental income. The rental income is treated as current income for that Financial Year (April-March) and can be freely repatriated, i.e., transferable in that year, subject to necessary tax compliances and documentation, if applicable.

While the responsibility to deduct TDS on rent lies with the tenant, Rohit is responsible for ensuring that the correct amount of rent and TDS duly reflects in his Form 26AS. If he finds a mismatch between the TDS and the amount being reflected in Form 26AS, he should inform the income tax department through their website and also request the tenant for corrective action.

The concept of deemed rent comes into effect when an individual taxpayer owns more than two house properties. In such a case, if the third property is vacant, then a deemed rent for the financial year needs to be offered to tax. Deemed rent is an estimation of the annual rent received on an immovable property basis its fair market value. NRIs who own more than two residential properties that are not rented out, must declare the deemed rent as rental income from their third property onwards while filing ITR.

Income originating from an Indian property can be credited to your NRE/NRO accounts, allowing for convenient repatriation. This income is taxable in India and must be reflected you ITR. You should speak to a tax expert to understand the tax implications on your rental income.

However, if you receive the rental income in your NRE account, it is freely repatriable without any restrictions. Please note, you can receive rental income in an NRE account, only from another NRE account. Your tenant cannot transfer this income from an ordinary resident savings account to an NRE account.

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Advances in online solutions have greatly benefited landlords and property managers looking to enhance their rental management business to provide better services to their tenants, clients, and vendors.

There are multiple benefits to providing your renters with the ability to make a rent payment online. By collecting rent online, you provide a convenient solution to renters wanting to avoid writing a check, increase the likelihood of on-time rent payments, limit the number of late fees charged to tenants, and simplify your rent collection duties each month.

When you collect rent online, you give your renters the option to set up automatic rent payments through their bank account or with a credit card. Automatic rent payments have been proven to save renters money by helping them avoid late fees.

Or, you might choose to use a software program whose sole feature is collecting rent payments. Alternatively, you could use a money transfer software program, like PayPal or Venmo, to collect rent from your tenants.

Property management software gives landlords and property managers helpful tools for organizing and managing their rental properties. One of the most attractive features within a complete property management software program includes the ability to collect rent online from your tenants.

Through the Tenant Portal, accessible on the web or through the mobile app, renters can pay rent with an echeck or via credit card. Landlords or property managers can enforce full or partial rent payments, collect late fees, and track payments.

Appfolio also offers a higher tier product, Appfolio PLUS, with features like Strategic Account management, Advanced Performance Insights, Revenue Management, and Data Export Capabilities for portfolios of 500 or more units.

If you are unsure of the value of a complete property management software program, you might want to consider a rent payment only software program. A software solution designed solely for rent collection will not have all the tools found in most property management software platforms.

PayRent allows landlords to effortlessly collect rent online with a tenant e-check or credit card payment. PayRent gives you reporting and tracking options, automated rent reminders to tenants, and the ability to allow full or partial rent payments. Rent payments are typically available in your account within 3 days.

RentTrack gives property managers and landlords fast and convenient online rent payment options, plus a credit-building incentive for renters. Renters may rent to you with an echeck or with a credit card. Additionally, RentTrack is one of the only online rent payment services with integrated rent payment reporting to all three credit bureaus.

RentTracks offers same-day funding for users, however, there are fees associated with using this product. According to RentTrack, the fee is based on the type of payment method you choose. Credit cards have a percentage fee, while e-checks are either free or have a set dollar amount.

Cozy allows renters to make a rent payment online with their checking account for free or with a credit card with a 2.75% fee. With the free rent payment option, funds will take 5 business days to become available in your account. If you wish to have funds available within 3 business days, Cozy offers faster funding option at the price of $2.99/unit per month.

In addition to the ability to collect rent online, Cozy offers a limited amount of features for landlords, like marketing and maintenance request tracking. Advanced features, like tenant screening and renters insurance, require an additional fee.

Solutions like PayPal, Venmo, and Cash App, allow renters to pay their rent by placing a direct deposit into your account through the use of an app that connects their bank account to yours. These types of services allow you to send requests and receive payments. In most cases, you will need to set up an authorized business account to ensure you are adhering to the terms of service established for approved use.

One of the issues with direct deposit apps like these is that you cannot enforce full rent payments. A tenant may send you only a portion of the rent due and it will get paid to you and deposited into your account. When you accept a portion of the rent, it can be challenging to evict a problem tenant or receive the remaining rental balance owed.

There are several options available to landlords and property managers looking for modern rent collection methods. The best way to accept rent payments online will be determined by your specific needs, the needs of your tenants, your budget, and how many additional features you want to accompany payment processing.

. We are not big with 7 units. We use Zillow Rent Manager and have had great feedback from our tenants and no issues. Been Using it for several years. We also list there and usually have our places rented in a couple of days. Best of all its all free!!!!!

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I am a member of several Facebook groups of likeminded people within my local community. Some of these groups were recommended to me by friends and fellow antiques dealers, and others I found by doing a general search in Facebook for subject matters that interest me: antiques, vintage, restorations, resellers, artists, DIY, painted furniture, etc.

Through participating in conversations within these groups, I have learned a wealth of information about where people have success selling different types of goods. My advice to you would be to join a Facebook group where you can ask your questions and learn from the experience of others.

Customer feedback about local antique malls should be a key consideration in your final selection. If you would like to read about more key considerations, read my blog post about Choosing an Antique Mall.

For example, you may have noticed that your searches for booth rentals gave you results for every possible type of booth, including photo booths, dunking booths, kissing booths, phone booths, etc. You can prevent this by using quotation marks. Doing this tells the search engine that the words must appear as the exact phrase.

For example, notice under the search bar, you can search for images or videos. And, if you click on Tools, you can filter your results to the most current information. For more google search tips, click here: (Some of these changed my life!)

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