Transition metal oxides have been the materials of interest in modern‐day science and technology. Among these materials, double perovskites have been studied very often. To explore such types of oxides and to provide a better understanding especially about lanthanum manganates, herein, the system of La2NiMnO6 is investigated, which exists in two phases, viz., monoclinic and rhombohedral via density functional theory. So far, the monoclinic phase which usually exists at low temperatures has been probed a lot; however, very little information is available about the rhombohedral phase and thus needs to be investigated. Herein, the rhombohedral phase of the material is simulated and various properties like band structure, electronic distribution of states, and absorption within the material are investigated. The study of the complex dielectric nature of the material and its refractive index with frequency variations of the incident field is also presented. The self‐interactions have been taken care‐off taking the Hubbard parameter into account. The spontaneous polarization for the first time as a berry phase using a quantum mechanical approach has also been calculated. The high dielectric constant at visible frequencies ensures the potential use of this material in the case of storage devices.