{"id":4621,"date":"2023-09-22T09:25:51","date_gmt":"2023-09-22T09:25:51","guid":{"rendered":"https:\/\/bdsadvisories.com\/?page_id=4621"},"modified":"2023-09-26T12:06:31","modified_gmt":"2023-09-26T12:06:31","slug":"residency-under-fema","status":"publish","type":"page","link":"https:\/\/bdsadvisories.com\/index.php\/residency-under-fema\/","title":{"rendered":"Residency under FEMA"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"4621\" class=\"elementor elementor-4621\">\n\t\t\t\t<div class=\"elementor-element elementor-element-221e255 e-con-full e-flex e-con e-parent\" data-id=\"221e255\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-220fe08 elementor-widget elementor-widget-text-editor\" data-id=\"220fe08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>\u00a0<\/h2><h2 style=\"text-align: center;\"><strong>Residency under FEMA<\/strong><\/h2><h3 style=\"text-align: center;\"><span style=\"color: #000000;\">NRI Taxation\u00a0<span class=\"breadcrumbs-separator\">\/<\/span>\u00a0<span class=\"post post-page current-item\">Residency under FEMA<\/span><\/span><\/h3><p>\u00a0<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1d02d7d e-flex e-con-boxed e-con e-parent\" data-id=\"1d02d7d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dfca5ca elementor-widget elementor-widget-heading\" data-id=\"dfca5ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-large\">Residency under FEMA<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-806f099 e-flex e-con-boxed e-con e-parent\" data-id=\"806f099\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e7fc6ea elementor-widget elementor-widget-text-editor\" data-id=\"e7fc6ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #000000;\">As per the Foreign Exchange Regulation Act, 1999 (FEMA), an individual&#8217;s residency status in India is determined by both their intention to stay in India and their duration of stay in the country.<\/span><br \/><span style=\"color: #000000;\">Under FEMA, for individuals, a person is considered a resident of India if their period of residence in India exceeds 182 days during the preceding financial year (April \u2013 March). However, this calculation excludes:<\/span><\/p><p><span style=\"color: #000000;\">An individual who has left India or is currently residing outside India, under any of the following circumstances:<\/span><\/p><ul><li><span style=\"color: #000000;\">For the purpose of employment outside India.<\/span><\/li><li><span style=\"color: #000000;\">For engaging in a business or profession outside India.<\/span><\/li><li><span style=\"color: #000000;\">For any other reason that suggests their intention to stay outside India for an indefinite period.<\/span><\/li><\/ul><p><span style=\"color: #000000;\">An individual who has <\/span><\/p><p><span style=\"color: #000000;\">arrived in or resides in India, except under circumstances that include: <\/span><\/p><ul><li><span style=\"color: #000000;\">Coming to India for the purpose of employment within the country.<\/span><\/li><li><span style=\"color: #000000;\">Engaging in a business or profession within India.<\/span><\/li><li><span style=\"color: #000000;\">Having any other reason that indicates an intention to stay in India for an indefinite period.<\/span><\/li><\/ul><p><span style=\"color: #000000;\">The definition signifies that if an individual comes to India with the intention of pursuing a business, profession, vocation, employment, or any other purpose that suggests an indefinite stay in India, they will be considered a resident, even if their stay is less than 182 days in the preceding financial year. Conversely, if a person has spent more than 182 days in India in the previous financial year but has departed India with the intention of engaging in a business, profession, vocation, employment outside India, or for any other reason indicating an intention to stay outside India indefinitely, they will not be regarded as a resident of India.<\/span><\/p><p><span style=\"color: #000000;\">Moreover, individuals who do not meet the 182-day criteria due to factors such as travel or medical reasons will still be considered residents of India for the purpose of interpreting FEMA regulations.<\/span><br \/><span style=\"color: #000000;\">For information regarding the determination of residential status under the Income Tax Act, 1961,<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u00a0 Residency under FEMA NRI Taxation\u00a0\/\u00a0Residency under FEMA \u00a0 \u00a0 Residency under FEMA As per the Foreign Exchange Regulation Act, 1999 (FEMA), an individual&#8217;s residency status in India is determined by both their intention to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":{"footnotes":""},"class_list":["post-4621","page","type-page","status-publish","hentry","rishi-post","no-post-thumbnail"],"rishi__cb_customizer_meta":"","_links":{"self":[{"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/pages\/4621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/comments?post=4621"}],"version-history":[{"count":19,"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/pages\/4621\/revisions"}],"predecessor-version":[{"id":5253,"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/pages\/4621\/revisions\/5253"}],"wp:attachment":[{"href":"https:\/\/bdsadvisories.com\/index.php\/wp-json\/wp\/v2\/media?parent=4621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}