Can NRI invest in 5 year Tax Saving Bank Fixed Deposit or any other investment scheme under 80C if he only has interest income?
As per section 115D of the Income Tax Act, the benefit under Section 80C is available to an NRI only if he has earned income other than investment income (interest) and long term capital gains.
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Any comments?
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Is that mean an NRI can not invest in Tax Saving Bank Fixed Deposit or any other investment scheme under 80C if he only has interest income?
The NRI has only Interest income from NRO Fixed Deposits so that means he can not avail any kind of deduction under Sec 80C? Is Sec. 115D apply also to NRO Fixed Deposits or only to NRE Deposits
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