Dear CA's,
NRI Couple while working overseas had separate overseas Bank Accounts, In India they had common NRE Bank Account in Husband/s name. When they planned to return for good, they remitted funds into this NRE Acc.
Upon return, they closed NRE Acc and funds transfred to their newly opened separate resident Bank Accounts in India say in 50/50 ratio.
Qns:-
1) Now, while planning Tax for next FY, they can both file Taxes separately and claim 80C rebates separately...? Is this correct?
Both have income staments/overseas Tax paid records with them, in case required.
2) They are elibible for RNOR status. Is there a separate way/separate ITR Form to file Income Tax as RNOR- how should they indicate RNOR status while Filing Tax next year, so that overseas Income is not taxed ?
Many Thanks.
CAclubindia
