Tax liability on interest other than bank interest
This query is : Resolved
Jigar Shukla
(Querist)
02 January 2016
My Brother is having NRI Status and he had purchased one residential property 3 years back and due to non timely possession....He cancelled that deal and requested to Builder for paying back principal amount alongwith applicable Interest which he is going to get now...! He had paid principal amount from his NRI Account in this context, would like to know as follows.
1) Can refund of an amount alongwith Principal Amount + Interest be deposited in NRE Account?
2) Builder is going to pay above mentioned amount after making TDS on interest amount. So, what and how would be Tax liability on this refund amount + Interest amount.
Thanking you in anticipation,
1) Can refund of an amount alongwith Principal Amount + Interest be deposited in NRE Account?
2) Builder is going to pay above mentioned amount after making TDS on interest amount. So, what and how would be Tax liability on this refund amount + Interest amount.
Thanking you in anticipation,
Nikhil Kaushik
(Expert)
03 January 2016
taxablity will only be on interest amount. with regards to transfer of funds to your brother, you will need a CA certificate under 15CA/15CB.
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