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Back to Top of Index Question-134: What are the tax benefits to the NRNR deposit account holders ?

April 26, 2017account Benefits deposit HOLDERS index NRNR tax

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Back to Top of Index Question-134: What are the tax benefits to the NRNR deposit account holders ?

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They enjoy the following tax benefits: • Income from the deposits will be free from Indian Income-tax. • The deposit will also be exempt from Gift Tax for onetime gifting (in the case of NRIs only). • Exemption from Income-tax will not be available to resident donee and those residents, who being joint holders,become owners of the deposit as survivor of the non-resident depositor.