80c
This query is : Resolved
28 January 2014
Is nro account holder ineligible to invest in bank FD us 80 c for tax planning for income from interest and rent fr house property in india? sbi refuse to open one.its own br neo account holder. pl. enlighten suggest alternative investment
30 January 2014
Any account opened by NRI account and interest earned from the said account is exempted from tax.
House property income is taxable in India and the FD is not the option for 80C. Only the exemption for the instruments stated in section 80C are eligible for taking the benefit against HP income. So suggest your NRI client that he should invest only in the exempted criteria as specified u/s 80C and not FD account in NRO A/c.
If your client is a NRI and has opened NRO account then the Bank cannot refuse to open FD from NRO account.
House property income is taxable in India and the FD is not the option for 80C. Only the exemption for the instruments stated in section 80C are eligible for taking the benefit against HP income. So suggest your NRI client that he should invest only in the exempted criteria as specified u/s 80C and not FD account in NRO A/c.
If your client is a NRI and has opened NRO account then the Bank cannot refuse to open FD from NRO account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
