NRE taxation
This query is : Resolved
Quick Summary
Tony Sebastian
(Querist)
19 June 2020
Is interest from an NRE deposit considered as deemed to be accrued outside india?
CA R SEETHARAMAN
(Expert)
19 June 2020
It's exempted income.
Tony Sebastian
(Querist)
19 June 2020
What if a person is resident but not ordinarily resident and he earns such interest?
CA R SEETHARAMAN
(Expert)
19 June 2020
It's taxable......................
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..
CA R SEETHARAMAN
(Expert)
19 June 2020
That's related to deposits lying in banks abroad.
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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