A person who is Retired (Indian Resident) and have Interest from Bank and getting income from USA partnership firm as passive foreign partner and filled return as NR at USA and paid tax over there.
Now my question is income from partnership firm is business income or dividend?
13 March 2012
Vishal, can you please bring out the phrase in LRS scheme which allows Indian resident to form partnerships outside India.
Also LRS permits only those activities which are otherwise permitted under FEMA. Regulation 120 doesn't permit individuals to form partnerships outside India,hence the same can't be permitted under LRS.
CAclubindia
