R2I'ed USC/OCI's tax liability from RNOR to ROR migration

[takshak]

Hello Comrades,

I am USC/OCI r2ied about 3 years back. My resident status changed from RNOR to ROR in the current fiscal year. If I migrate (wire transfer, etc) my dollars equivalent of FCNR from a bank in India to a bank in US where I already have a checking account, would I be able to avoid India tax arising out of the interest in the US. I read somewhere that USCs living in India (on ROR status) are not liable to pay taxes to Govt of India on the interest generated from the bank investments in the US.

Any help in this matter will be highly appreciated.

Thanks muchly.

 

[ginnu]

Hello Comrades,

I am USC/OCI r2ied about 3 years back. My resident status changed from RNOR to ROR in the current fiscal year. If I migrate (wire transfer, etc) my dollars equivalent of FCNR from a bank in India to a bank in US where I already have a checking account, would I be able to avoid India tax arising out of the interest in the US.


I read somewhere that USCs living in India (on ROR status) are not liable to pay taxes to Govt of India on the interest generated from the bank investments in the US.
-------------------- That is correct. You did not earn that money from India.

Any help in this matter will be highly appreciated.

Thanks muchly.

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