Hi Friends,
My NRI cousin has invested 15 Lakhs in Post Office under 5 year term deposit, further ge want to like some investment. How much further he can deposit as a Term Deposit in Post office without affecting of Income Tax?
all his source of revenue from Abroad and nothing in India
Interest earned is tax free up to Rs 10,000 per year. Income tax relief is available on the amount of interest under the provisions of section 80L of the Income Tax Act. The account can be transferred from one post office to another. Single accounts can be converted to joint accounts and vice versa.
CAclubindia
