Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

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

April 26, 2017accounts balances concessions deposits FCNR held NRE NRIs tax

0

Posted

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

1 Answer

0

Posted

The income from interest on moneys standing to the credit of NRE or 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.