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RAMESH BABU K   13 October 2015

Member

If a member of unlisted company, who was a resident at the time of his investment went abroad and settled there, in which circumstances: 1. how we can disclose his holdings as Resident or NRI? 2. In case under NRI category what are documents required to convert his residential status?


 2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     20 September 2016

 A person would be a RESIDENT of India for income-tax purposes if

  • He/She is in India for 182 days or more during the financial year
  •  

OR

  • If he/she is in India for at least 365 days during the 4 years preceding that year AND at least 60 days in that year.

Ms.Usha Kapoor (CEO)     30 September 2016

Your Indian Passport  and If own a residence in inda that address, Driving licence. PAN card etc while you are residen tin india during those 182 days needs to be submitted to categorise as NRI status.yOU CAN DO BUSINESS HERE ALSO AN D  own more than one house property with tax sops. YOU MAY HAVE TO OBTASIN OVerseas Indian Card froom Indina Embasy to carry on busineesses , to own houses except agricultural  land an dplantations etc.You can take up a Job public sector or private.You can't stand fo rany public post in an election or right t to vote. during elections.If you appreciate this  answer please click the thank you button on this forum.


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