Sumit Gupta asked on 18/03/2020

What is the NRI status eligibility?

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SBNRI Team
answered on 18/03/2020

To be eligible for an NRI status:

  1. A citizen of India must stay overseas for 183 days or more in one financial year.
  2. If a citizen of India stays in India for less than 365 days in the last 4 years from the year of assessment and less than 60 days during the year being tested for eligibility.

(For example: In order to become an NRI for 2019, you must stay in India for less than 60 days in 2019 and less than 365 days in the total time span of 2014-2018)

NRI Status Proof

To prove NRI status, one has to submit any of the following documents as proof of residence abroad:

  • Employment Details
  • Student Status
  • Dependent Visa Status, or
  • A copy of Resident Permit of the country where the individual is residing

Note: The proof needs to be attested either by the Indian Embassy, Notary or an Indian Bank with an overseas branch.

Who is an NRI?

An NRI or Non Resident Indian is an Indian Citizen living outside India for a minimum of 183 days in 1 financial year for the purpose of employment, business or vocation (occupation for which an individual is trained). 

Indian Citizens who have gone out or are staying abroad for some other purpose with an intention to stay outside India for an uncertain period (job or assignments where you don’t know when you will return to India) can also be termed as NRIs.

 

 

NRI as per FEMA

Non-Resident Indian (NRI) as per FEMA or Foreign Exchange Management Act is a person who has gone out of India or stays outside the country for the purpose of employment, business, vocation (occupation for which an individual is trained) or any other circumstances indicating his/her intention to stay outside India for an uncertain period of time (job or assignments where you don’t know when you will return to India).

 

NRI Status Calculator

NRI status can be attained by an Indian Citizen if he/she stays overseas for more than 182 days in a financial year.

To calculate the number of days and your NRI status in the current or previous assessment years, you can visit the Indian Income Tax Department’s Residential Calculator page and calculate the number of days by providing the details of your stay in India.

 

Get specialized advisory on being an NRI from experts at SBNRI and sort your banking needs, investments in India, Taxation and much more. Contact us using the button below.

 

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