What happens to the status of the Account when the NRI returns to India and becomes a resident?
NRO accounts can be re-designated as resident rupee accounts on the return of the account holder to India for taking up employment, or for carrying on business or vocation or for any other purpose indicating his intention to stay in India for an uncertain period. Where the account holder is only on a temporary visit to India, the account continues to be treated as non-resident during such visit.
Related Questions
- If an NRI plans to return to India, for how long will he/she be considered a Non – Resident Indian? And for what time period will his income from investments not be taxed?
- What happens to the status of the Account when the NRI returns to India and becomes a resident?
- Can an NRI and person resident in India have a joint demat account?
