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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Oct 25, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by krishnan on Aug 13, 2024Hindi

Money

hello Sir! good day. I was an NRI for 14 years in Singapore and still continue to work for the organization in Singapore and draw my sal in Singapore in my account in Singapore . I hold NRE FDs /FCNR deposits/ NRI SB /NRO account . I returned to India due to some personal issues and my organization allowed to work from home . I still hold Employment pass in Singapore . I am still undecided about returning to Singapore which my company is okay with this idea. I am at the moment in cross roads . My question is I have been filing my income tax every year and for AY 2024-25 I filed RNOR status as i was not away from India for not more than 180days . My question is 1. Do I have to change all my NRE and FCNR deposit which i hold in a nationalised bank to RFC account and convert my NRE and NRO account to residency . I am not clear at the moment about staying back in India but can go back to Singapore still qualifying for the 180days rule. 2. Do i have to clsoe my account in Singapore and bring the proceed to India?. 3.Whom should I intimate about my account status. To the bank where i hold deposit ? thanks

Ans: Hello, need some more details for the same
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi Sir, From 2022 to Jul'2024 , i was working abroad in one of the African location. I recently moved back to India in August 2024 . During my stint outside, I have opened an NRI account which was shared with my employer so that they can transfer my additional savings in the same . My bankers are telling me that i need to convert my NRI account to resident account as i have no intention to travel abroad again. This should be done with 180 days ie within February . I am yet to receive my final settlement , expected by Jun'25 . I am positive about it . My query to you is : 1. What is the process of requesting to bank or RBI for extention of this account ( being treated as NRI ) for another six months ? 2. Is there any other compliances I need to be wary of wrt FEMA and IT , given if the money is transfer to my regular resident bank account ( since I will be RNOR now ), i apprehend it will be treated as taxable income despite it relating to my work done during my tenue outside .

Ans: We can't express our opinion on the basis of incomplete info provided.
Please confirm, which NRI Account you have opened with Indian Bank ?
Is it NRE Account, NRO Account, FCNR Account or RFC Account. Conditions/ Restrictions are different in all these accounts.
However, best is to consult your bank to find out solution to your problem.
Most welcome for any further clarifications. Thanks.

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Question by Narsingh - Feb 17, 2025Hindi

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Dear sir, I have been NRI since 1996, every year saying outside India for averaging 190 to 250 days. Salaried employee working wirh resident visa in Qatar. Now I want to retire. This year my LTCG from sale of debt fund was 14,80,000. I nay have around 45,000 dividends in India from shares. So, will cross 15 lakh Indian income. I have two questions: first if I do more than 120 days in India then I will become RNOR this year and can use my exemption limit of 3 lakh to offset LTCG of 2 lakhs. Is it correct? Second Question is if I do less than 120 days in India, my status this year too will remain NRI. So, if I NRI for all 29 years, will it give me an extra year of RNOR status in India? How to determine whether I will be RNOR for 2 years or three. 3 years RNOR gives me advantage to keep my most of money in RFC accounts to get tax free interest. Most of my savings are in FCNR accounts only. Suggest will I get 3 years RNOR after retirement or not by keeping NRI status this year or make this year RNOR and no loss.

Ans: 1st Yes, minimum exemption limit available to RNOR also.

2nd an individual who is a citizen of India who is not liable to tax in any other country will be deemed to be a resident in India, only if the total income (other than foreign sources) exceeds Rs 15 lakh and nil tax liability in other countries. So in your case, even if you are in for less than 120 days, you will be RNOR

3rd for FCNR account, please confirm with Bank

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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