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Are FCNR Deposits Taxable?

Are FCNR Deposits Taxable?

Friday, May 5, 2017, 11:17 AM

The interest earned on FCNR account is tax-free in India. However, you may be subject to tax in the country of your residence for such interest. Interest on FCNR deposits is tax exempt as long as an individual qualifies as an NRI or not ordinarily resident. Interest earned on FCNR account will be taxable when an individual becomes a resident in India.
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