Hi,
I will be coming back from US to India permanently. Whatever I earned, I have it in my US bank account, which I will be investing in India. I don't want to do lumpsum, so want to convert USD to INR slowly. Maybe conversion rate will give me more INR in 2 years.
During these 2 years I will be in RNOR status. Instead of investing it in US, I will move it to FCNR FD.
- Will I need to pay any tax on interest earned from FCNR FD?
- After my RNOR status I will be ordinary resident, will I need to pay tax on interest earned from FCNR FD?
Please advice.
Thanks
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Do I need to pay tax on interest earned on FCNR FD, while on RNOR status and later?
Replies (1)
1. No. It will be tax exempt.
2. Yes.
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