NRI Returning to India after staying about 11years abroad having permanent status.qq
Wish to know the following
1.Fixed deposits of NRE account. The interest earned on such account was exempted from Income tax. What would be the position once he becomes resident of India after stay of 180 days in India. In between he will be traveling abroad frequently for 7 to 10 days to do his job assignment.
2. For how many years he will have status of RNOR?
3. What are the benefits of RNOR one can have in India?
1.Fixed deposits of NRE account. The interest earned on such account was exempted from Income tax. What would be the position once he becomes resident of India after stay of 180 days in India. In between he will be traveling abroad frequently for 7 to 10 days to do his job assignment.
2. For how many years he will have status of RNOR?
3. What are the benefits of RNOR one can have in India?
Viewed by 219
View all 8 comments Below 8 comments
Mr. Sood, A person who is returning to India after 11 years of stay outside India (and who was non-resident for each of the 11 years under the Income Tax Act, 1961), shall remain RNOR for the period of two years only. Having the status of RNOR, for the most part, means that after having come back to India, you can continue to get the tax benefits that you were getting as an NRI. That means your foreign income i.e. any interest or dividends that you may be getting from your investments abroad will continue to remain tax-free even after you have become an Indian resident. Similarly, interest on any FCNR deposits that you may will continue to remain tax-free as long as you are an RNOR. e-mail: mmfcs9@gmail.com
Jul 26
Sri Brij Guptaji, Hope you are the practical and experienced relating to IT returnsto deal with NRI issues and your honest guidance to NRIs will encourage to return and settle in BHARAT.
Jun 29
Mr Sood, I will be in US from 2nd July to 8th August. To determine RNOR status, please collect number of days you stayed abroad during last three years and also keep record of number of days you will stay abroad , every year, after your return to India on 3rd July. That will determine your RNOR status. If you have been staying abroad for last 8-10 years and have not spent more than 30-40 days per year in India during these years, you will enjoy this status at least for two years after landing. I think you should not put so much emphasis on RNOR status and try to wind up your investments abroad within these two years to be on safer side.
Jun 28
Regards. Sood Sent from my iPad > On 28-Jun-2015, at 3:12 pm, Brij Gupta wrote: > > > Find this email inappropriate - Unsubscribe > > Brij Gupta (Technical Convenor - Essel RWA) > Brij Gupta (Technical Convenor - Essel RWA) commented on your post. > Brij wrote: "I have undergone this exercise two years back and therefore would give you the correct information and procedure as follows: 1. You will need to change your status to Resident in all your bank accounts in India once you return to India for settlement. You get 180 days to carry out this exercise. You must submit a written application with dates of your return along with passport copy and entry stamp etc. 2. NRE fixed deposits can continue till date of maturity though some of the banks will close your NRE FD as soon as you give intimation. Any interest earned on more..." > Reply Reply to this email to post a comment. > This email was sent to ruwaroo@yahoo.com. If you don't want to receive emails from LocalCircles in future, please Unsubscribe. > LocalCircles, Inc., 1556 Halford Ave., Suite 290, Santa Clara, CA USA 95051. > 107 Urbtech Matrix Tower, Plot No. B-4, Sector - 132, Noida, India, 201304.Privacy Policy.
Jun 28
Dear Gupta jee. You have devoted your precious time to give comprehensive information. Many thanks for that. Stayed continuously from April 2005 to 2015 in Hong Kong. (on 3rd of this July I will be in India with my bag and baggage.). Will you be in position to guide me whether my status as RNOR will be for three years or less. Which authority decides this issue and on what points such issue is decided. Thanks again. Reads. Sood from Gurgaon. Sent from my iPad > On 28-Jun-2015, at 3:12 pm, Brij Gupta wrote: > > > Find this email inappropriate - Unsubscribe > > Brij Gupta (Technical Convenor - Essel RWA) > Brij Gupta (Technical Convenor - Essel RWA) commented on your post. > Brij wrote: "I have undergone this exercise two years back and therefore would give you the correct information and procedure as follows: 1. You will need to change your status to Resident in all your bank accounts in India once you return to India for settlement. You get 180 days to carry out this exercise. You must submit a written application with dates of your return along with passport copy and entry stamp etc. 2. NRE fixed deposits can continue till date of maturity though some of the banks will close your NRE FD as soon as you give intimation. Any interest earned on more..." > Reply Reply to this email to post a comment. > This email was sent to ruwaroo@yahoo.com. If you don't want to receive emails from LocalCircles in future, please Unsubscribe. > LocalCircles, Inc., 1556 Halford Ave., Suite 290, Santa Clara, CA USA 95051. > 107 Urbtech Matrix Tower, Plot No. B-4, Sector - 132, Noida, India, 201304.Privacy Policy.
Jun 28
