What are the tax concessions available to NRIs on balances/deposits held in NRE/FCNR accounts?

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What are the tax concessions available to NRIs on balances/deposits held in NRE/FCNR accounts?

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The income from interest on moneys standing to the credit of NRE/FCNR accounts is exempt from Income tax. Gifts from such accounts are not liable to Gift-Tax as the Gift-Tax is abolished w.e.f. 30/9/1998. Similar tax concessions however are not available for NRO accounts.

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