What about tax on NRE FDs during RNOR status?
SBNRI Team
answered on 16/11/2020
The NRE FDs doesn’t need to be converted to resident accounts after you return to India. They can remain as-is till maturity.
Post maturity, the NRE FD can be converted to a Resident Foreign Currency (RFC) Account. The interest earned on NRE Deposits that have been converted to RFC Accounts will be exempt from tax if the status of the returning NRI is RNOR (Resident but Not Ordinarily Resident)
Also Read: Top 3 tips for NRIs returning to India
Click on the button below to connect with our taxation expert for ,more such queries.
Related Questions
SBNRI Team
answered on 16/11/2020
The STCG on debt funds are deducted at 30% TDS but the tax liable is as per your tax slab. Therefore, you are entitled to a refund as per your tax slab. For LTCG, 20% TDS is deducted and the tax liable on LTCG is also 20% along with indexation benefits. Therefore, in this […]
SBNRI Team
answered on 05/03/2021
Non residents having income from salary in India are generally required to file their return in ITR Form 2. However, we need to thoroughly check all the different sources of income and then can decide which ITR form will be applicable. You can connect with our taxation expert directly on WhatsApp using the button […]
SBNRI Team
answered on 09/02/2021
Gift from an NRI Relative to a Resident Indian is exempt from tax in India for both giver and receiver. Therefore, you don’t have any tax liability in India.
SBNRI Team
answered on 09/02/2021
After returning to India, you will have the RNOR (Resident but not Ordinarily Resident) Status. The NRE Deposits need not be converted to resident accounts after your return to India. They can remain as-is till maturity. Consult NRI Taxation Expert There are certain benefits of the RNOR status: They don’t have to […]
