An NRI has taken loan on his NRO Account.And the money was utilised for Personal purposes.Is there any legal implication on this?
At what rate the Interest on NRO deposits will be taxed?
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Loan on NRO deposits
Replies (1)
Hi Priyadarshini,
Interest on NRO Account (Deposit) is treated as Normal Income under "Income from Other Sources" and Hence will be taxable as per SLAB...
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