NRE interest Received
This query is : Resolved
26 August 2010
Hi,
one of my client was enjoying NRI status 7years back.
at the timing of returning india there were deposits in NRE bank accounts.
now in current year he is having status of resident in india and i want to know whether the interest received in NRE account is taxable or not?
please also provide section references or any case laws
please reply ASAP.
Thanks in advance.
one of my client was enjoying NRI status 7years back.
at the timing of returning india there were deposits in NRE bank accounts.
now in current year he is having status of resident in india and i want to know whether the interest received in NRE account is taxable or not?
please also provide section references or any case laws
please reply ASAP.
Thanks in advance.
26 August 2010
No case laws it is exempt u/s 10(4)(ii)
(ii) in the case of an individual, any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973), and the rules made thereunder :
Provided that such individual is a person resident outside India as defined in clause (q) of section 282 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account ;]]
(ii) in the case of an individual, any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973), and the rules made thereunder :
Provided that such individual is a person resident outside India as defined in clause (q) of section 282 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account ;]]
26 August 2010
thanks for the reply.
i have read that section..but according to that section income is exempted only when the person is resident outside India and as per my case he is resident in India, 7 years back he was NRI, i am not 100% sure but as per my knowledge income earned is exempted if an NR returns to india for 7 years.
i have read that section..but according to that section income is exempted only when the person is resident outside India and as per my case he is resident in India, 7 years back he was NRI, i am not 100% sure but as per my knowledge income earned is exempted if an NR returns to india for 7 years.
26 August 2010
As soon as the person becomes a resident of india he should convert his NRE a/c to bank account.
Which is not done in your case and hence you will not be allowed the exemption.
I did not read ur query first in detail. I read it is as he is NRI since 7 years.
Which is not done in your case and hence you will not be allowed the exemption.
I did not read ur query first in detail. I read it is as he is NRI since 7 years.
26 August 2010
will u please give me ur mobile no.
mine is 9314988725
mine is 9314988725
26 August 2010
will u please give me ur mobile no.
mine is 9314988725
CA Nischint Somani
mine is 9314988725
CA Nischint Somani
26 August 2010
plz reply
26 August 2010
Aditya please give ur no. i want to discuss on phone.
26 August 2010
U can post ur queries on this site itself. We will clear the same here also.
26 August 2010
the condition given is such individual is a person resident outside India as defined in clause (q) of section 282 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account.
26 August 2010
thanks for ur cooperation. i have cleared my doubts.
26 August 2010
U can also thank by using the thank user icon.
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