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Income Tax Exemption under Section 10(4)(ii) of Income Tax Act, 1961

 

Eligible Assessee

An individual being non-resident as defined under section 2(q) of FERA, 1973

 

 

 

Nature of Income

Interest earned on money standing in credit of his NRE account

 

Amount Exempt

Entire amount

 

Conditions laid down for Tax Exemption

  1. The person is either non-resident or is allowed to maintain NRE account by RBI

  2. Money in the said account is deposited in accordance with FERA, 1973

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