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Thread: Claim tax credits for interest paid in offshore bank

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  1. #1
    Join Date
    Nov 2016
    Location
    India
    Posts
    107

    Default Claim tax credits for interest paid in offshore bank

    Hi,

    I purchased a house in India two years back, I have been paying mortgage for it and when I purchased the house I also paid tax in India.

    My questions:
    1. Can I claim tax credit for the interest I pay to the Indian bank for the mortgage? I can show transactions that I have been transferring funds to the account.
    2. If yes, can I also claim previous years tax credits. I might have possibly missed the chance

    Sorry, If I am so naive about these tax implications.

  2. #2
    Join Date
    Jan 2007
    Location
    Chch, NZ
    Posts
    2,225

    Default

    1. NO. Recent announcement by the current NZ gov't is in a 4 year process of removing the mortgage interest expense deduction on housing investments. What you are asking is you can claim the overseas interest expense and i'm not aware this can be done in the past ; not unless the overseas house forms 'as part of' your NZ business. Surely the incomes from the overseas house would be declared and if not then you should not have the right to any tax credit.

    You should go see a tax accountant ; which would be money well spent, rather than trying to take a risk of ignorance.

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