What are the tax benefits to the NRNR deposit account holders?
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 one-time 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.
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 one time 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.
• • Income from the deposits will be free from Indian Income-tax. • The deposit will also be exempt from Gift tax for one-time 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. • What about tax benefits on funds held in FCNR accounts? • Tax Exemption on interest earned on deposits held in foreign currency is available to non-residents and persons who are not ordinarily resident in India as defined under Income-tax Act, 1961. • What is the approved method of sending remittances into India? • The approved method of sending remittances into India is through normal banking channels. • At what rates are remittances in foreign currencies made by NRIs converted by banks into rupees? • Such remittances will be converted by banks at the market rate of exchange. • Can remittances be sent into India otherwise than through the me
Ans. 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 one-time gifting (in the case of NRIs only) • Exemption from Income-Tax will not be available to resident and those residents, who being joint holders, become owners of the deposit as survivor of the non-resident depositor.
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 one-time 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.
