RNOR STATUS - MISCONCEPTIONS OF NRIS ANSWERED

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[kalyanparimi]

sir, as I always say, you're helping so many people with your valuable informative videos.You are sharing so much valuable information for free, which is most commendable. Thank you so much sir. keep up the good work, you'll have your returns one day.

[mysoredurgesha]

Dear Sir,
Many thanks for providing very concise explanation regarding the misconceptions around RNOR status.
I have few comments and expects response from you. However, you can free to ignore my comments and not to respond for the same.

1. Why there is no clear policies around RNOR status from either Income Tax department or FEMA? They should have developed the document and released to the public by clearly stating dos and don'ts regarding RNOR status.
2. Looks like RNOR status is decided by NRIs after landing in India based on the confusing conditions provided by both Tax department or FEMA.
3. Assume that RNOR status individuals want to make use of benefits provided to them such as opening accounts in Government backed schemes then how can they prove that they are eligible for these schemes although there is no valid certificate or document to show that certain individual is in RNOR status.
4. Assume that an individual lost RNOR status and become Ordinary Resident but how can an individual prove Ordinary Resident status without any valid certificate or document to back this criteria.
5. Below I have provided two points and in one of them it states that individuals who are in RNOR status can continue to enjoy tax FCNR deposits as long as the individual is in RNOR status. Does it mean that any NRI who landed in India can assume themselves that one can be in RNOR status for a particular duration based on the conditions.
6. Most mind blowing and craziest idea is to proactively make an assumption by an NRI whether he or she intend to stay in India for a longer time or permanently. Based on either weird circumstances or many other crazy parameters, NRI can stay in India for a longer period and take enough time to decide whether their stay is permanent in India. In that case, how can one can make decision to change the bank accounts into resident accounts within 30 days.
7. As an Old Adage - man made science, policies, rules, regulations are riddled with flaws and demand corrections forever. But surprisingly law of the Nature is in a different path - Molecular formula of water H20 is same and remained unchanged for billions of years.

A) Interest income earned from your FCNR deposits shall be exempt from tax till you hold Not Ordinarily Resident (RNOR) status as per the provisions of Income Tax Act, 1961.


B) You need to intimate your banker within 30 days of your return to India (If you intend to stay in India for a longer period or permanently) to re-designate the deposit status. Once your tax status changes to the ordinary resident, interest from this FCNR deposit would become taxable.

[rajendrakumargandhi]

I am a retired foreign national aged 70 years. Will soon become a resident Indian.
I am tax complaint in my country where i lived for about 40 or so years.
Am i supposed to bring my wealth to India?

[MilindK]

How you are saying that interest earned on nre FD is taxable the moment one becomes RNOR? This is not true.

[vduggir]

Sir
Great information.
In another video you discussed how retirement accounts are taxed for ROR status.
But you have not touched "regular trading account " (non retirement accounts ) where resident individual pay yearly taxes in source country. How will this be taxed in India? Can we avoid double taxation??

[rohansivon]

My friend was asking me questions regarding NRE-NRO account. Without a hitch, I sent a link of one of your videos.
I'm certain your videos will clear all his doubts.
Thank you

[sanm]

Thanks for your clarity of explanation of complex things. Can you please start a “OCI money clinic” channel?

[ramramakrishnan]

RNOR account is not necessarily for the returning NRIs only. The status will apply to an NRI who happened to stay in India for over 120 days but less than 180 days in any fiscal year. This coupled with other conditions like stay in the past 2 years and 9 out of 10 years NRI status and less than 729 days in the past 7 years will keep him as NRI but with the tax status of RNOR only for the particular fiscal year.

Your video seems to cover only the returning NRIs.

[Milestogo_by_Ashwin]

So if you come back to India and change your NRE account to a resident account while having a RNOR status, how can you bring back the money to India? Moving it to the resident account wont it be taxable?

[santoshkarunakaran]

thanks, if i have any quarry will you give clarification

[RakeshSharma-tzwi]

I am born in India but settled abroad. Also, have taken the citizenship of the country of my residence. Technically, I believe to be not a NRI anymore. So, I am foreigner of Indian origin. Your videos are for the NRIs, but am I also covered by the same rules? Please comment. Thank-you.

[mkgvip]

Hi sir,
First of all thanks for making such informative videos with giving all the necessary detail to NRI.
I also have the same question as Mr Rakesh Sharmaji that foreigners of Indian origin (i.e. Holding foreign passports and OCI) also come under the same rule or are still considered as an NRI for tax purposes.
Thanks in advance.

[MilindK]

The interest from RFC account shall be exempt only till the year your residential status is non-resident or RNOR under the provisions of the IT Act.

[rsgauba]

sir, any queries, if exists, will it be clarified by you? No one do anything free. Frankly, will you be able to share your consultation fee details? How to connect you? No given is never able to connect. Hopeful to get response. Thanks and regards

[ravindersaini]

Thanks for making so much clean information video

[vidyutmankodi]

Very clear explanation given by you Sir. Thanks a lot.

[srinathcholleti]

Thanks for your info on NRI status. What is the full form of RNOR? How would one knows that his status is RNOR status? I am being living in india past fifteen years, do I need to pay the taxes.

[ghousemaricar]

If a person living in overseas stays in India for 180 days every year say for 4 years will he be considered NRI or in addition to that other factors has to be considered for NRI status.In other words, is he an NRI for the four years if he stays every year less than 182 days in a year.will appreciate your answer.

[posinasettinageswararao]

Thanks for clearing for many doubts. Suppose a person claims a RNOR status in a financial status and the next year if he/she does not stay India for less than 60 days, automatically he will become NRI? Is this true? Thanks

[shadabmian]

Being NRI, if I purchase property back home and make full or part payment to seller in UAE on his request, how will this impact my tax liabilities ? Thank you.