Mr A resident of USA controls a business in india. What will be the residential status of Mr A under FEMA
6 Replies
Rahul Sharma
(Self employed)
(183 Points)
Replied 14 January 2016
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
Rahul Sharma
(Self employed)
(183 Points)
Replied 14 January 2016
Mr. A is not resident as per FEMA.
Naveen Jain
(Article Trainee)
(134 Points)
Replied 14 January 2016
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
CA Prateek Garg
(CA in Practice)
(1447 Points)
Replied 24 January 2016
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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