I am resident now, was NRI earlier. How exactly section 115H work. The definitions of foreign asset seem too technical to me. Does it mean that when I bring my USD in India, and put them in ordinary resident bank account, I can get lesser tax rate on interest earned. Do I have to forego chapter VI deductions to avail it?
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115h of income tax
Replies (3)
My dear, you seems to be confused with foreign company and individual....
Check whether sec 115H is really applicable in your case?
Sir, 115H seems to be for individual
Yeh, True.
Sorry for wrong posting earlier. Might be the answer of some other query mixed up here.
1. "Foreign Exchange Asset” is the asset that is purchased with convertible foreign exchange by the NRI
Practically any such investment through NRE account.
Once deposited in ordinary/resident bank account it looses its characteristic of foreign exchange.
2. Yes, ---- While calculating the income from investment, any expenditure or allowance is not allowed as a deduction for a non-resident Indian.
------ if income earned consists of investment income or income by way of long-term capital gains or both (as per sec. 1154D) it is treated as the gross total income and no deductions or allowances are allowed under Chapter VI-A on this income.
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