With reference to the different NRI Accounts, consider the following statements:
1. Income from the Non-Residential External account is tax-free as the principal and interest amounts are exempted from taxation.
2. Both Non-Residential Ordinary and Non-Residential External Accounts can be opened with income earned from within India.
3. Interest earned on the income in a Non-Residential Ordinary account is liable for taxation.
Which of the statements given above is/are correct?
1
1 only
2
2 and 3 only
3
1 and 3 only
4
1,2 and 3