Is interest taxable on NRE deposit?
(Deposit start date was last year when status was NRI. At maturity, status is changed to RNOR) 2. Is interest taxable on FCNR deposit? Rakesh Doshi, rd979@yahoo.com 1. Yes. The interest on NRE becomes taxable from the date of permanent return. 2. The interest on FCNR remains tax-free in the hands of an RNOR. This was the situation before the definition of RNOR got amended and this is the situation now also. I have bonus shares of Infosys Tec. Ltd. A) I had gifted in May 2002 to my wife 50 bonus shares of Infosys Tec Ltd which she has sold now. She has b/f long-term capital loss. What will be the effect in her book as well as in my books. B) Can I give give gift to my HUF for the benefits of children bonus shares of Infosys Tec. Ltd & selling them after one year can claim setoff against b/f long-term capital loss. What will be the effect in HUFs book as well as in my books. Our IT return for year ended March 2003 are yet to be filed. Ashok Sarvaiya, ashok7@vsnl.net In the case of gifts,
