Taxability of interest earned onnro a/c in uk
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 November 2015
I am Indian Citizen and a UK tax resident. My domicile status is still Indian (I don't have a PR here). In India I hold an NRE and NRO accounts with my savings (which is available for all Non resident Indians). Now there is interest earned on these two NRE and NRO accounts. Interest earned on NRE is not taxed in India, whereas the interest earned on NRO account is taxed in India.
Few questions
1. Do I need to declare the interest earned in these two accounts in UK.
2. If yes, How will the tax laws get applied to this interest.
3. If I am taxed in UK, how does it work. As I noted earlier, for NRO I already pay the tax in India. For NRE I don't pay the tax in India.
Few questions
1. Do I need to declare the interest earned in these two accounts in UK.
2. If yes, How will the tax laws get applied to this interest.
3. If I am taxed in UK, how does it work. As I noted earlier, for NRO I already pay the tax in India. For NRE I don't pay the tax in India.
16 November 2015
01. Yes.
02. interest earned outside UK is NOT taxable in UK
03. DTAA (Double taxation avoidance agreement) between India and UK will come into play.
you can visit incometaxindia.gov.in for various DTAA
02. interest earned outside UK is NOT taxable in UK
03. DTAA (Double taxation avoidance agreement) between India and UK will come into play.
you can visit incometaxindia.gov.in for various DTAA
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