19 March 2011
A person holding Green Card, basically a Non-Resident of India, wants to takeover a company in India. What will be his residential status for this purpose as his total stay in India for past 10 yrs is less than 3 months. Also how much money he can transfer from US on his own account. Guide me
20 March 2011
As you yourself have mentioned that his stay in India for past 10 yrs is less than 3 months. Then he shall be definitely Non Resident for the purpose of FEMA and Income Tax.
Here first of all check whether the NRI wants to invest in Indian Company on repatriation basis or non - repatriation basis.
CAclubindia
