12 October 2011
Hello I have a query in the interpretatation of defination of 'Person Resident in India u/s. 2(v) of FEMA Act 1999. According to the defination the status of the person is decided as per its stay in india during precceding year. But defination also states that if person who goes out of India for particular 3 puposes are not called residents . Similarly if some peson comes to india for purposes other than specified in defination are also not called resident. Now my doubt is whether the person the exclusions given in the defination are also to be checked for previous year or these exclusion are to be checked for current year.
13 October 2011
The exclusions need to be checked only in previous year in case of persons coming to India. VISA granted by indian Authorities shall also play a big role in deciding the purpose of exclusions.
However in case of person going outside India the position in current year needs to be seen.
CAclubindia
