Fd amount to be taken out of india

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43 Points Posted on 28 April 2017

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.

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On 28 April 2017 at 16:19 Report
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725 Points Posted on 28 April 2017
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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On 28 April 2017 at 17:43

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