Nre interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2012 My client who's an NRI has the status of R& OR for the PY 2011-12. Will his SB Interest & FD Interest be Taxable? The FD has matured before he became R & OR. Will this have any implications on the same to claim exemption ?

B Ravi Kumar ACMA, MBA, M Com

B Ravi Kumar ACMA, MBA, M Com (Expert)
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03 July 2012 Interest in NRE account is tax free and NRO account are taxable.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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03 July 2012 Here the facts have not been correctly given by you, however my thoughts are:

The status of an assessee is checked as on last date of assessment year.

So if on last date of financial/assessment year the assessee is ROR then his worldwide income is taxable.

Anuj
femaquery@gmail.com

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