Dear all,
I have a few queries relating NRI status & investment. Kindly advise.
1. I am employed with a company based in India and regularly get my monthly salary into a domestic savings a/c. However since Nov 2008, I am based out of India for a training purpose ( through the same company) for which I am getting a stipend in the foreign country but I still regularly get my salary in India. For the salary generated in India, I am also paying my Income tax regularly. So in legal terms am I an NRI or still can be considered as a resident Indian?
2. If I fall under NRI category, Is it mandatory for me to convert my all existing savings a/c into NRO account; including the one in which my monthly salary is getting credited?
3. As In understand for NRO a/c, the interest on savings balance is eligible for tax. So to avoid this should I convert my savings accounts in India into a joint a/c? Or is there any other way available ?
Kindly revert.
raj
I have a few queries relating NRI status & investment. Kindly advise.
1. I am employed with a company based in India and regularly get my monthly salary into a domestic savings a/c. However since Nov 2008, I am based out of India for a training purpose ( through the same company) for which I am getting a stipend in the foreign country but I still regularly get my salary in India. For the salary generated in India, I am also paying my Income tax regularly. So in legal terms am I an NRI or still can be considered as a resident Indian?
2. If I fall under NRI category, Is it mandatory for me to convert my all existing savings a/c into NRO account; including the one in which my monthly salary is getting credited?
3. As In understand for NRO a/c, the interest on savings balance is eligible for tax. So to avoid this should I convert my savings accounts in India into a joint a/c? Or is there any other way available ?
Kindly revert.
raj
