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Is NPS tax-free for NRI?

Yes, like resident Indians, investment in NPS is tax-free for NRIs as well. They can avail a tax deduction of Rs 1.5 lakh along with an addition tax incentive of Rs 50,000 u/s 80CCD (1B). Thus, NRI can avail total tax saving of upto Rs 2 lakh by subscribing to NPS.

Partial withdrawal for specified purposes is also tax-exempt u/s 10 (12B) of Income Tax Act.
After retirement of 60 years, withdrawal of upto 60% corpus as lumpsum payment is also tax exempted or NRI will pay no tax.
Amount invested to purchase annuity is also fully tax-free however, the annuity income in subsequent years are taxable as per the applicable tax slab.

Answered on 2023-10-13

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