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Is interest income on RFC deposits taxable in India?

April 26, 2017deposits income India rfc taxable

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Is interest income on RFC deposits taxable in India?

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A. 48: Interest income on RFC deposits is taxable when the NRI loses RNOR (resident not ordinarily resident) status and becomes an ordinary resident in India. However US citizens and Green Card holders are advised to consult their tax advisor for implications of tax in USA.