Taxability of interest from fcnr a/c of resident individual
Querist : Anonymous
If this resident individual has a saving bank account in New York and he earns interest income from such saving bank account, then will the interest be taxable in India?
Kindly address this query and give your opinions.
however, he may claim benefit of a DTAA if applicable and deduction of taxes withheld in any other country.
So yes, the interest in FCNR account, and interest in saving bank account in NY is taxable in India.
Querist : Anonymous
"Provided that such individual is a person resident outside India as defined in clause (q) of section 211 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account ;]]"
You need to person resident outside India ie you need to non-resident for Indian tax purposes to claim any such exemption.
Querist : Anonymous
Querist : Anonymous
resident individual
28 October 2013
Assessee is a Resident. He maintains FCNR account is USD. Will
interest on such FCNR account be taxable in hands of the resident in
India?
If this resident individual has a saving bank account in New York and he
earns interest income from such saving bank account, then will the
interest be taxable in India?
Kindly address this query and give your opinions
Click here to login now
Similar Resolved Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
