Regarding Individuals Retuned to India and Resident currently

This query is : Resolved

Quick Summary

Returning individual likely RNOR for FY 2024-25 and 2025-26; becomes ROR from FY 2026-27, when foreign asset disclosure starts. Transfer of past foreign savings is not taxable. Maintain bank records and documents to prove funds are capital or tax refunds, not income.

D M

D M (Querist)
Follow

13 April 2026 Hi Experts,
I have few queries regarding the Foreign assets declaration etc.
1. If an individual wasn't in India for last 10 Years (only for visits less then 15 days in an year) and returned in 10th August 2024 for good.Till when will he be in RNOR status and from which FY 26-27 or FY 27-28 should he be declaring Foreign Assets.
2. Post RNOR Status if he transfers any savings account money ( not income) to India what is the tax applicable?

Appreciate your help.

Thanks,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 April 2026 RNOR Duration: You will likely hold RNOR status for two financial years: FY 2024-25 and FY 2025-26.
FY 2024-25: Since you returned in August, you will stay more than 182 days in India, making you a Resident. However, you meet the "9 out of 10 years NRI" rule, qualifying you as RNOR.
FY 2025-26: You will still be RNOR because, for the 10 years preceding this year, you were an NRI for 9 of them (all years except FY 2024-25).

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 April 2026 You are not required to declare foreign assets (Schedule FA) in your Indian Income Tax Return (ITR) while you are an RNOR.
Mandatory declaration begins from FY 2026-27 (Assessment Year 2027-28), which is when you first become an ROR.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 April 2026 Transferring your past savings (not current income) from a foreign account to India is not taxable.
Tax-Paid Capital: Under Indian tax laws, transferring your own "capital" or "savings" (money on which you have already fulfilled tax obligations in the foreign country) to your Indian account is considered a movement of capital, not new income.
Post-RNOR Transfers: Even after you lose your RNOR status, the act of remitting your past accumulated foreign savings into India remains tax-free.

D M

D M (Querist)
Follow

14 April 2026 Thanks again Dhirajlal Rambhia. Appreciate your expert opinion.How do we show that it is the capital we are transferring and not the income Post RNOR status ? Will bank Statement showing funds during RNOR status suffice ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

14 April 2026 You are welcome.

D M

D M (Querist)
Follow

15 April 2026 How do we show that the money transferred if from RNOR status and not post RNOR status?
Will showing bank account statement from RNOR tenure help ?
Also I have some pending refund from foreign tax authorities which has been delayed quite some time it might be received in FY 26-27.How do I give proof that it is refund and not income.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

15 April 2026 Statement from the authority as refund.
Any amount transferred from foreign bank (during RNOR status or otherwise) should be proved that it is not income of the year, but tax paid savings from earlier year. Bank statements are generally accepted.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

tsrandcompany@gmail.com

John Ravindran Moses

CA Uzma Khan

Adv Ashish Vishwakarma

yadagiri

Subscribe Now

Regarding Individuals Retuned to India and Resident currently

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

CA Final