Foreign Taxation
This query is : Open
Iqbal Singh Grover
(Querist)
27 March 2011
Is the money held in the NRE account treated as foreign exchange ?
And will the Bank FDs bought from the money in NRE account be treated as specified asset for the purpose of Section 115E ?
You may reply to this on iqbalsrcc@gmail.com..
Regards
Iqbal
And will the Bank FDs bought from the money in NRE account be treated as specified asset for the purpose of Section 115E ?
You may reply to this on iqbalsrcc@gmail.com..
Regards
Iqbal
CA. Anuj Gupta
(Expert)
29 March 2011
If the funds were brought in foreign exchange in NRE account then the same shall be treated as specified asset for the purpose of Section 115E.
Also the NRI has to express his intention in terms of section 115H at the time of filing his return of income to avail the benefit of sec. 115E
Also the NRI has to express his intention in terms of section 115H at the time of filing his return of income to avail the benefit of sec. 115E
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Iqbal Singh Grover
(Querist)
29 March 2011
Sir, the funds were indeed brought in foreign exchange into the NRE account..
The assessee had filed the return in July 2010 (for AY 2010-11) under the normal provisions.. So now it should be revised by using 115E..
Given the assessee's investment income, section 115E is more beneficial than the normal provisions..
The assessee had filed the return in July 2010 (for AY 2010-11) under the normal provisions.. So now it should be revised by using 115E..
Given the assessee's investment income, section 115E is more beneficial than the normal provisions..
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