An NRI post becoming a resident (AY 22-23) holds FCNR and NRE deposit. Should the interest earned on these deposit be included in the income. Interest on FCNR deposit at what rate will it have to converted and included if it has to be included. Is there any disclosure of this deposit in the ITR. Kindly guide.
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Treatment of FCNR and NRE interest earned post becoming a Resident
Replies (5)
In F.Y 21-22 ( A.Y 22-23) are you resident Indian? , please clerify.
Yes. resident for AY 22-23
You have to file your ITR and show such interest as income in ITR . Nothing else required.
Interest on FCNR and NRE account is tax-free
Sorry, agreed with Prasad Nilugal, interest on NTO account taxable only
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