Thursday, October 18, 2007

FEMA_Practical problems_1

Mr. Ashok, born and brought up in India, goes to USA for taking up an employment on 15.5.2004. Determine, his residential status under the Act for the F.Y. 2004-2005.
Mr. Ashok shall be treated as Resident of India till 14-5-2004. But, w.e.f. 15-5-2004, he shall be treated Non-Resident as he is covered by one of the exceptions listed in sub-clause (A) to section 2(v).

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