Hello Brothers,
I’m NRI, living in the UK for past 4 years. I’ve been saving around £15k every year and wanted to know how to invest this money wisely to save on taxes and get highest return possible. Suggest me all ideas.
You can open NRE FD, interest earned on NRE saving accounts are tax free.
interest earned on NRE saving accounts are tax free.
Dubeji you are wrong. This is a misconception and banks promote it as tax free. Listen to me carefully and anyone reading this reply do the same.
1) NRE saving accounts/FD interests are tax free in India.
2) In your country of residence you have to declare this interest in your income tax return and pay tax. You will get some tax relief on this if your country of residence is signatory of double taxation treaties which most countries are and as per other rules of that country.
E.g.
In the UK you get 15% tax relief but you have to declare the NRE saving account interest in your self assessment. You can read more about it on the following link
https://community.hmrc.gov.uk/customerforums/pt/e2005350-a3d9-ec11-bea1-00155d9c9666#:~:text=In%20terms%20of%20an%20NRE,to%20any%20remittance%20basis%20claims.
To sum up NRE saving account is not a great way to invest your money for tax free return.
Hello Brothers,
I’m NRI, living in the UK for past 4 years. I’ve been saving around £15k every year and wanted to know how to invest this money wisely to save on taxes and get highest return possible. Suggest me all ideas.
Which country you reside atm?
I can offer my help with 100% tax free investment for NRIs which will perfectly fit your circumstances. I’ll charge for this though. If you agree with this then let me know.
Agree. How much would you charge for this?
Let me know your contact details and I’ll provide you details.
Which is the best tax-free investment in India for NRIs?
I’m looking to park some money in India, can anyone suggest what would be the best tax free investments for NRIs in India?
