New Cracking SEBI General in 60 Days - Possible or Not?
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Question

Which of the following statement is incorrect with regard to Resident SB a/c opened jointly with NRI close relative?

A.Cheques favouring the NRI close relative can be credited to this a/c

B.Interest paid on such a/c is not subject to tax in India

C.A/c to be treated as resident bank a/c for all purposes

D.If NRI becomes survivor of such an a/c, a/c shd be categorized as NRO a/c

A Only A Correct Answer Incorrect Answer
B A and B Correct Answer Incorrect Answer
C only D Correct Answer Incorrect Answer
D A and D Correct Answer Incorrect Answer
E All of the above Correct Answer Incorrect Answer

Solution

Cheques favouring the NRI close relative cannot be credited to resident SB account. Also, interest paid on such a/c is taxable in India as per Income tax Act.

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