Nro account

J B Goel (Querist) 18 November 2011 This query is : Resolved
As rate of interest on NRE account is just 4% pa, a NRI wants to transfer his proceeds from his NRE account to NRO account(Term Deposit with a Bank).Is there is any restrictions on such transfers and what is Tax liability in case proceeds from NRO Acount is repatriated back to foreign country.
J B Goel

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Shonee Kapoor (Expert) 19 November 2011
For interests earned in India, the tax has to be paid in India.

If India has a double taxation avoidance agreement with the country you are in, the same would be tax exempt thereafter in that country.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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