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NRE taxation

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(Querist)
19 June 2020 Is interest from an NRE deposit considered as deemed to be accrued outside india?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 June 2020 It's exempted income.
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Tony Sebastian

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Tony Sebastian (Querist)
19 June 2020 What if a person is resident but not ordinarily resident and he earns such interest?



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 June 2020 It's taxable......................
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Tony Sebastian

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Tony Sebastian (Querist)
19 June 2020 But i read in section 10(15)(iv) that interest on deposits paid to Resident but not ordinarily residents by banks are exempt... Could you pls explain my previous question on the basis of this provision. I'm really confused..
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 June 2020 That's related to deposits lying in banks abroad.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 June 2020 NRE deposits will be considered as resident deposit as soon as person becomes resident in india.

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