Residency of an indian individual as per income tax

Save Share

This query is : Resolved

jagdish ahuja (Querist)

29 January 2025 an Indian student -resident of India and completed his schooling and graduation left India in august 2023 for further studies in the USA for a post graduate course in robotics.
he completed the course in December 2024 and has got a job in USA from November 2024.
details of his stay in india/usa are as follows:
fy 2021-2022 -- 360 days in india
fy 2022-2023 -- 360 days in india
fy 2023-2024 -- 146 days in india and 220 days in USA
fy 2024-2025 -- 94 days in india and 271 days in USA

he has visa under F 1 which now got updated to F 1 OPT.
he has income in India above 15 lacs -- LTG capital gains/short term/interest and dividend income etc
and has a PPF account since birth --since last 23 years
he has two savings account and two demat accounts in india
he has filed his ITR -2 for fy 2023-2024 (tax payer since 2015)
now he has income from salary in the USA from november 2024 (70000$ P.A.)

my query is-
what should he do with the savings and demat accounts as - resident/non resident
what status should he declare in his income tax/bank/demat etc
what will happen to his PPF account
what will happen to the tax in india and USA as per income tax rules and also under
FEMA rules
lastly what about double tax treaty
Thanks - in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

30 January 2025 For the financial year 2024-25 declare him' as NRI.
His USA income is not taxable in india in view of his employment.
Bank account convert it as NRO account.
Demat account declare it as NRI.
PPF account continue with old balance.
No double taxation applicable as file ITR only for Indian income.

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