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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Mar 10, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Ahmed on Feb 05, 2023Hindi

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is NRE savings is taxable?

Ans: Full amount is tax free

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Asked by Anonymous - Mar 30, 2024Hindi

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I was an NRI for last 6 years. In June 2023 I permanently returned to india and qualified as RNOR for the financial year 2023-24. In June 2023 I closed all my NRE fixed deposits and reopened as Resident FD. Is the interest income on NRE FD until June 2023 taxable for the FY 2023-24?

Ans: No, the interest income on your NRE FD earned until June 2023 is not taxable for the financial year (FY) 2023-24.

Here's why:

• NRE accounts are tax-exempt in India for NRIs. This means any interest earned on your NRE FD up to the point you became a resident (June 2023) is not subject to tax in India.
• Income tax is based on your residency status for the financial year. Since you were an NRI until June 2023 (falling within FY 2022-23), the interest income on your NRE FD during that period is not considered part of your income for FY 2023-24.

However, it's important to note that:

• Interest income earned on your resident FD accounts after June 2023 will be taxable for FY 2023-24 onwards.
• If you have any further questions about NRE accounts, resident FD accounts, or taxation in India, it's always best to consult with a qualified tax advisor.

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Question by shiban - Nov 21, 2024Hindi

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last 7 out of 10 years i was NRI. 23-24 NRI 24-25 R 25-26 aagain NRI will my NRE deposit be taxed for 24-25

Ans: In our opinion, it should remain tax free.
Most welcome for any further clarifications. Thanks.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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