376. Tax on NRE Account in India
Q: Dear Mr. Chand: I am a Canadian citizen with a NRE account which I opened in India a couple of years ago for providing fund to spend when I travel to India. There is probably some interest being accrued. Is this subject to income tax in India? I do not have a NRI or OCI status now, but I am planning to get OCI in a couple of months. Will that change the answer to the above question? Thank you. Regards, Kannan A. There is no income tax on NRE bank account deposits in India. Whether you have OCI or not does not make any difference.
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376. Tax on NRE Account in
India
Q: Dear Mr. Chand: I am a Canadian citizen with a NRE account which I opened in India a couple of years ago for providing fund to spend when I travel to India. There is probably some interest being accrued. Is this subject to income tax in India? I do not have a NRI or OCI status now, but I am planning to get OCI in a couple of months. Will that change the answer to the above question? Thank you. Regards, Kannan A. There is no income tax on NRE bank account deposits in India. Whether you have OCI or not does not make any difference.
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