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| Name : | K.Ramachandran |
| Subject: | RFC accounts |
| Query : | I am receiving US dollars by way of inheritence from my son's Trust in US - my son died in road accident and the compensation in US dollars are in this Trust. Can I keep the amount received in RFC Account? What is the rate of interest for various periods in this Account? Is the income by way of interest from this account free from Income Tax? Can the interest earned be converted into INR and is this interest in INR from from I.Tax? I want to keep my wife's portion of similar receipt of US dollars in US itself to enable her to make visits to US to stay with her sister. Can her portion of US dollars received in the above manner be retained in US? Are transactions in RFC Account free, i.e. can amounts be transferred or sent out of India in a free manner without any restrictions? Kindly enlighten/clarify. Thanks a lot. |