Is long term NRE FDs interest is taxable if the status of client is changed from NRI  to Resident before the maturity ?

POSTED BY dnsak ON December 6, 2014 7:14 pm NO COMMENTS

1.Is long term NRE FDs interest is taxable if the status of client is changed from NRI  to Resident before the maturity of NRE FDs.

2. Do the NRE Fds need to be closed prematurely and reopen as fresh Resident FDs  or these NRE FDs will continue  as it is and ony interest earned  will be taxable from the date status is changed from NRI to Resident.

3. What about  it loss of interest  on premature closure of NRE FDs.

4. How tax on interest can be saved or paid minimal on FD in case the status is changed in between before maturity of NRE FD. 5. What are other options to save tax on NRI funds besides FD.

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