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Interest of nre deposit

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 August 2013 A Non Resident Indian has returned to India for good in April 2013 after being abroad for about 20 years. Please clarify whether
1. His NRE deposits will continue to run as NRE deposits for the remaining period of maturity which is about 4 years (Bank is intimated about the return)
2. Interest on NRE deposits is taxable from the FY 2013-14 onwards
3. If the NRE deposit interest is taxable, is there any concessional rate of tax available?
Thanks in advance
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
19 August 2013 1. Please Refer Section 115H supporting your views in this regard.
2. Yes
3. No, concessional rate is there. Section 10(4)has provision for exemption only.
.
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