Interest received
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2013
dear expert,
Amount paid from NRE account to a chit fund company through NRE cheques and amount received with interest after an year is it chargeable under incometax?
If taxable under which head?
i.e my friend is saying that as it is an investment we have to consider as capital gain.
Is it capital gain or Interest ??????
No TDS deduction is there.
But the matured amount received in NRO account.
Amount paid from NRE account to a chit fund company through NRE cheques and amount received with interest after an year is it chargeable under incometax?
If taxable under which head?
i.e my friend is saying that as it is an investment we have to consider as capital gain.
Is it capital gain or Interest ??????
No TDS deduction is there.
But the matured amount received in NRO account.
29 June 2013
From the documentary evidence or receipt available, decide whether its an investment or deposit.
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