Hi everyone, I have an NRI related question, but was unable to find a good forum for NRI discussion. I am an avid reader of traderji, and I was hoping if one of you knowledgeable people can help me out with a few questions.
1) We have been living abroad for last twenty years and my father came back to India in 2005/6 while I was still abroad. How long can you maintain your NRI status? I keep reading contradictory statements that you NRI status continues for 2 years and also, that you NRI status ceases to exist as soon as you arrive in India? Which one is right?
2) Also, my father had foreign bank accounts where he was maintaining his compensation and other investments while he was abroad. How long can you keep open these accounts? The FEMA clause doesn't specify the time limit and just says you can continue to maintain the account if you were an NRI. Could you please clarify this?
3) Since I also had a foreign account and came back to India on Jan.2010, my father had gifted some money from his foreign account to my foreign account, but I decided to bring it back to India to start my own business. Are there any implications of this transaction?
Thanks once again for your assistance! Really appreciate it!
1) We have been living abroad for last twenty years and my father came back to India in 2005/6 while I was still abroad. How long can you maintain your NRI status? I keep reading contradictory statements that you NRI status continues for 2 years and also, that you NRI status ceases to exist as soon as you arrive in India? Which one is right?
2) Also, my father had foreign bank accounts where he was maintaining his compensation and other investments while he was abroad. How long can you keep open these accounts? The FEMA clause doesn't specify the time limit and just says you can continue to maintain the account if you were an NRI. Could you please clarify this?
3) Since I also had a foreign account and came back to India on Jan.2010, my father had gifted some money from his foreign account to my foreign account, but I decided to bring it back to India to start my own business. Are there any implications of this transaction?
Thanks once again for your assistance! Really appreciate it!