NRI, 80C and tax saving bank fixed deposit

Rakesh (libi789@yahoo.com) (102 Points)

21 June 2013  

Can NRI invest in 5 year Tax Saving Bank Fixed Deposit or any other investment scheme under 80C if he only has interest income?

As per section 115D of the Income Tax Act, the benefit under Section 80C is available to an NRI only if he has earned income other than investment income (interest) and long term capital gains.

Thanks in advance for any reply to this thread