Mr A resident of USA controls a business in india. What will be the residential status of Mr A under FEMA
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Residential status under fema
Replies (6)
As Mr.A is individual so If Mr. A prsent in india at least 181 days in previous year then his current year status shall be resident as per FEMA
Wrong answer
Mr. A is not resident as per FEMA.
yes even i think that but ICAI has given the answer as he is resident.
Refer https://resource.cdn.icai.org/36763rtpfinalmay2015-4.pdf
Q 21 and its solution. Please let me know your views whether the answer given by ICAI is correct or not
Definatly some typing error.
In my opinion question is asking about the residential status of office controled by Mr. Maurya. Residential status of Mr Maurya is being specified by the question itself as 'Resident outside India'.
And Residential status of Office in India shall be 'Resident in India'
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