I have been an NRI for last 9 years and understand that, RNOR status applies to me. My question is:
1.For how many years will RNOR status apply to me. 2.During my RNOR status am I allowed to continue my NRE account. 3.During RNOR status, is foreign income exempt from tax in india ? 4.During RNOR status interest on NRE deposits is expemt from tax in india ?
05 July 2015
1 For 3 years. 2 No you have to convert it as resident account. If you want to retain foreign currency it can be done as resident foreign currency ac. 3 Yes it is exempt. 4 Interest on NRE deposits exempt till its maturity.
05 July 2015
Thank you for your reply, however I understand that I will get the RNOR status during by first year because of my preceeding 9 years as NRI. On what basis would I get RNOR status for 2nd and 3rd Year ?
05 July 2015
One more condition is there that is he has during the seven previous years preceding that year, been in India for less than 729 days or less. You are falling in the above for next two years.
05 July 2015
Thanks and if I dont meet the criteria for 729 days or less in the preceeding 7 years, then I can enjoy this RNOR only for the first year ... right ?
CAclubindia
