One our client has FD in NRE account and he wants to take an Bank OD against this FD and transfer that loan amount to NRO account.He wants to then use the funds of NRO account for his business pupose.What will be the nature of FD in NRE Account?Will it be NRE or NRO ? Are there any tax implications for this?
Any interest you earn out of NRE Accounts is exempt.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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