Who is a person resident in India?
Under FEMA 1999, a person resident in India is defined as a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year (April-March) and who has come to or stays in India either for taking up employment,carrying on business or vocation in India or for any other purpose,that would indicate his intention to stay in India for an uncertain period. In other words, to be treated as `a person resident in India’under FEMA 1999, a person has not only to satisfy the condition of the period of stay (being more than 182 days during the course of the preceding financial year) but has also to comply with the condition of the purpose/ intention of stay.
Related Questions
- What are the documents that are required to be furnished by a person resident outside India for remitting the profit or surplus outside India?
- Can a person resident outside India hold any immovable property in India acquired by way of inheritance from a person resident in India?
- Who determines the residential status of a person resident in India for the purpose of purchasing property in India?
