While one is RNOR
FCNR interest tax free?
NRE FD interest tax free ?
Can i convert NRE FD to RFC FD and get tax exemptions ?
1. Yes ......... In India.....
2. Yes........
3. Yes...... on declaration as RNRO to bank
10 Replies
SS SS
(17 Points)
Replied 05 December 2017
thank you sir. Kindly let me know under which section NRE FD interest is tax free while one is Resident but not ordinary resident
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185664 Points)
Replied 05 December 2017
As per Section 10(15)(iv)(fa) of the Income Tax Act, interest of foreign currency deposits in Indian Banks is exempt for non-residents and RNOR.
Refer: 1. Benefits-available-only-to-NonResident-Person
2. returning-nri-what-happens-to-your-nro-nre-and-fcnr-accounts
SS SS
(17 Points)
Replied 05 December 2017
thank you sir. it is now clear about FCNR but NRE FDs are
SS SS
(17 Points)
Replied 05 December 2017
in INR though source of funds is overseas, is there any other clause which covers tax free income from NRE FD while one is RNOR
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185664 Points)
Replied 05 December 2017
Firstly, you have to declare about your returning status to your bank.
You are required to close all your NRE accounts along with deposits.
But you are allowed to continue the existing NRE FDs till its maturity.
The bank representative/s will guide you more about all such compliances, so contact Bank Manager.
SS SS
(17 Points)
Replied 05 December 2017
Ok sir noted. Is Exisiting NRE FD interest tax free while RNOR?
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