Nri income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2012 I'm Indian citizen & have moved to US in Oct 2011. I'm going to be in US till Oct/Nov 2012 (NRI for F.Y. 2012-2013). Can someone provide answers to all of below questions?

1) How will be income from fixed deposit treated if it was taken before moving to US & maturing before 31-March-2012?

2) How will be income from fixed deposit treated if it was taken before moving to US & maturing after 31-March-2012 but before 30-Sept-2012?

3) How will be income from fixed deposit treated if it was taken after moving to US & maturing before 31-March-2012?

4) How will be income from fixed deposit treated if it was taken after moving to US & maturing after 31-March-2012 but before 30-Sept-2012?

5) How will be income from fixed deposit treated if it was taken after moving to US & maturing after I return to India in Oct/Nov 2012?

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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30 January 2012 I understand that you are Indian Citizen who moved to US in Oct 2011 and will return to India in Oct/Nov 2012.Moreover,before moving to US in Oct 2011, you were in India.

In view of the above, under Income Tax Act, you would be treated as Resident in India and taxation of interest on Fixed Deposit will be same in all the cases i.e. will be taxable in India.

Further, in case, interest earned and received in India will be taxable in your hand in India even if you are Non-resident in India in all the cases mentioned by you.

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CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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