Non resident indian

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2014 one of my clients daughter is living in London. she has made some deposits with a nationalized bank and they have deducted TDS on the interest paid to her on such deposits.
Now my questions is
1. what are the tax implications on such interest. at what tax slabs is she charged to income tax.

2. Can her father who is in India, Sign the return on her behalf for submission of the Income Tax return

Bhargav

Bhargav (Expert)
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05 December 2014 Taxability in India depends on the residential status of the assessee (resident vs non resident)

As to your second question, the daughter has to execute a power of attorney in favour of her father. Father can subsequently submit the ITR.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 December 2014 1.even if she is nr but indian income is taxable.

2.if she is a minor then yes else power of attorney required in his name

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Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2014 my clients daughter is a Non Resident Indian.

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2014 Thank U. she is an nri and her interest income from the deposits is Rs. 2,50,000. is she charged tax at normal rates applicable to an individual or any other special rates

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 December 2014 if she is minor then shall be clubbed with tha parents income whose income is higher.

else normal rates shall apply