Hi Sir, I have been Nri for more than 9 years on return back to India how long can i keep my NRI status and any money earned after return to india from foreign sources is it taxable ?

Ans: Your NRI status depends on the number of days spent in India. If you stay between 120 and 183 days, you typically remain an NRI, especially if your income in India exceeds Rs 15 lakh. As an NRI, your global income is not taxable in India, but your investments in equity, mutual funds, and AIFs are subject to Indian taxes.

For equity, LTCG over Rs 1.25 lakh is taxed at 12.5%, and STCG at 25%. Debt mutual funds' CG is taxed as per your slab rate. AIFs' taxation depends on their category.

Monitor your days in India to maintain NRI status and avoid becoming a Resident, which would increase your tax liability.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: When you return to India after being an NRI (Non-Resident Indian) for more than 20 years, your tax residency status will change. You will be considered a Resident but Not Ordinarily Resident (RNOR) for the first two financial years (April to March) after your return.

As an RNOR, your foreign income is generally not taxable in India unless it's derived from a business controlled or set up in India. So, any income earned from foreign sources during the RNOR period would generally not be taxable in India.

However, any income earned in India during the RNOR period will be taxable in India, along with any income from a business controlled or set up in India, regardless of whether it's earned domestically or abroad.

After the RNOR period, if you continue to stay in India, you will become a Resident and Ordinarily Resident (ROR) for tax purposes. In this case, your global income, including income earned abroad, will be taxable in India.

Tax rates in India vary depending on the income slab you fall into, and there are also various deductions and exemptions available. It's recommended to consult with a tax advisor in India who can provide personalized advice based on your specific financial situation and the prevailing tax laws at the time of your return.

Ans: As your stay in India less than 730 days, you can not be considered as RNOR unless
you are Indian citizen or person of Indian origin having a total income more than exceeding Rs.15 lakhs (excluding foreign income) and in India for 120 days or more during financial year.

Income of NRE FD is exempt in case of non resident