In our opinion you will be a not ordinarily resident in India for 3 years.
Change of status NRI to Resident - tax
Dear Sir, My status is NRI . I left India in Feb 2007 and will be finally returning to India in Oct 2015 . During all these years my stay in India in each FY was approx 80 days . I want to know am I eligible to qualify for status of Resident but Not Ordinary Resident (RNOR) from tax point of view . Kindly reply .
Asked 8 years ago in Income Tax
If your stay in India during F.Y. 15-16 is more than 182 days:
Apparently, you are resident in 2 out of 10 years going backwards from F.Y. 14-15. Therefore you also need check whether your stay in India for F.Y. 14-15, 13-14, 12-13, 11-12, 10-11, 09-10, 08-09, taken together is less than 730 days. If answer is yes, you are RNOR.
If your stay in India in F. Y. 15-16 is less than 182 days but more than or equal to 60 days, which seems to be certain in your case, then check whether your stay in India in F.Y. 14-15, 13-14, 12-13, 11-12, taken together, is less than 365 days. If answer is yes then you will be non-resident for F.Y. 15-16.
Dear Sagar Jayawant & Vijay N.Kale Thanks a lot for explaining this issue nicely. It was bit confusing. That's why I wanted confirmation. During the period of RNOR there is exemption on interest income of foreign funds like NRE FDs and other NRI investments. Am I right. Thanks Dr.Dinesh
Asked 8 years ago
Dear Sagar Jayawant & Vijay N.Kale Thanks a lot for explaining this issue nicely. It was bit confusing. That's why I wanted confirmation. During the period of RNOR there is exemption on interest income of foreign funds like NRE FDs and other NRI investments. Am I right. Thanks Dr.Dinesh
Asked 8 years ago
No you become resident in India under FEMA the moment you arrive in India for uncertain period of stay. The reference NRE deposit is to your Non resident status under FEMA.
sir i think my other colleagues have already answered your query to your satisfaction.
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