Residential status under FEMA determines whether a person is resident for transactional regulation based on residence and purpose abroad. The document sets out that under FEMA a "person" includes individuals, HUFs, companies, firms, AOPs, artificial juridical persons and agencies or ... Summary
Residential status under FEMA determines whether a person is resident for transactional regulation based on residence and purpose abroad.
The document sets out that under FEMA a "person" includes individuals, HUFs, companies, firms, AOPs, artificial juridical persons and agencies or branches; an individual is a person resident in India if resident in India for more than the prescribed period in the preceding financial year, subject to exceptions for leaving or staying abroad for employment, business or other purposes indicating intention to stay abroad. Corporate entities registered in India and branches owned or controlled by residents are treated as residents for FEMA transactional regulation.
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