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Are any tax concessions available to NRIs on balance/deposits held in NRE / FCNR accounts ?

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Are any tax concessions available to NRIs on balance/deposits held in NRE / FCNR accounts ?

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Ans. Yes. Income from interest on money standing to the credit of NRE / FCNR accounts is exempt from Income-Tax. Gifts from such accounts to close relatives are also free of gift-tax.

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