Status of NRE Fixed Deposit if NRI comes back to India

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  1. Jitendra Patel

    Jitendra Patel New Member

    Dear sir,
    Since last 4 years one of my friend is out of India and have a status of NRI.
    He has some fixed deposit in India.
    Now he wants to come back to India for two years.
    Now there will be any tax on the Interest of his NRE Fix Deposit ?
    For how many years, can he kept this NRE Fixed Deposit to get tax free interest?
    Thanks.
     
  2. narendrapratap2228

    narendrapratap2228 New Member

    No, there will no tax for NRE fixed deposit. However, if he gains any profit from using the fixed deposit in India he might be charged income tax as he will be earning the income in India for the two years he is about to stay.

    Know [email protected] http://goo.gl/bfcTOf
     
  3. Jitendra Patel

    Jitendra Patel New Member

    Thanks for reply Mr.Narendrabhai,
    You said there is no tax for NRE fixed deposit, it means also no tax on the interest coming from these FD?
     
  4. narendrapratap2228

    narendrapratap2228 New Member

    "if he gains any profit from using the fixed deposit in India he "might be charged income tax" as he will be earning the income in India for the two years he is about to stay.
     
    gaurav_kumar likes this.
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