Is interest on NRE Bank FD's placed by NRI in India exempt under the Income Tax Act or is it taxable? If exempt, under which section of the Act?
Thanks in advance.
Milind Kulkarni (CA Practice ) (81 Points)
22 July 2015Is interest on NRE Bank FD's placed by NRI in India exempt under the Income Tax Act or is it taxable? If exempt, under which section of the Act?
Thanks in advance.
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 22 July 2015
Dear Sir
Income Standing Credit to NRE account is exempt under section 10(4)(ii) of Income Tax act 1961.
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