Fd amount to be taken out of india

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Hello!

One of our client will be sifting abroad , he has some FDs in India and now he wants to close down the same and wants to take the proceeds with him.

What will be taxation treatment for this transaction as per Indian Income Tax Act?

 

Thanks in advance.

Replies (1)
FD interest will be part of the Other Income. Also the client should plan for tax residency status in foreign country which would depend on date he is shifting.

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