What are the revised norms for residency

I’m a British citizen and lived in India for 12 years, i.e., from March 2008 to June 2020. In FY 20-21, I spent 88 days in India, throughout which I earned lower than ₹15 lakh. Under the revised laws for residency, would I be a resident, Resident however Not Ordinary Resident (RNOR), or a non-resident? Also, what are the bounds, if any, on repatriating funds to the UK from the sale of land, bought in 2006? 

— Name withheld on request

You shall have to find out your residential standing for FY20-21. For this, you could meet any of the next situations and each the extra situations:

a) You are in India for 182 days or extra within the FY; or b) you’re in India for 60 days or extra within the FY and three hundred and sixty five days or extra within the 4 FYs instantly previous the related FY.  In the above situation, the interval of 60 days is substituted by 182 days for a citizen of India or an individual of Indian origin, who lives outdoors India and comes to go to India within the mentioned monetary 12 months. The similar applies for a citizen of India who leaves India within the mentioned monetary 12 months for the aim of employment outdoors India or as a member of a crew of an Indian ship.

There can also be one other rule of deemed residency. An particular person who’s a citizen of India who isn’t liable to tax in another nation or territory has whole revenue, aside from from overseas sources, exceeding ₹15 lakh through the mentioned FY, shall be a deemed resident of India.

For a citizen of India or an individual of Indian origin, who comes on a go to to India, the 60 days are thought of modified within the following method. If whole revenue, aside from revenue from overseas sources, exceeds ₹15 lakh, the 60 days are substituted by 120 days; in another case, the 60 days are substituted by 182 days. Such individuals are thought of as deemed residents.

Additional situations: you’re a resident in India in two of the ten FYs instantly previous the related FY, and you’re in India within the seven years instantly previous the related FY for 729 days or extra.

If you meet any of the primary set of situations and each the extra situations, you shall be thought of a resident in India. If you meet any of the primary situations however don’t meet the extra ones, you shall be thought of a resident however not ordinarily resident in India. If you don’t meet any of the primary situations, you shall be a non-resident in India. Given the above, you’re prone to be a non-resident in India.

 RBI has specified limits for repatriation of sale proceeds of land. Such switch might also be restricted if that is agricultural land. It can be advisable to seek the advice of an knowledgeable with full particulars of the property held by you. 

Archit Gupta is founder and chief govt officer, Clear.in. 

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