Nri

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Sujal Patel (Querist)
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05 February 2013 Can an OD account be shown on books of account for an indian resident, where the OD is taken against debt mutual fund asset holdings held bu an NRI.

Coz if the OD account is shown on NRI books then any interest received by NRI from an individual or firm shall be liable to 30% deduction of tax(TDS).

Is there any way out to this issue?

Thanks in advance!

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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20 May 2013 As far as I understand , OD has been obtained from a bank and not NRI , so there is no question of deduction of TDS.

Anuj
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