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NRI

NRI’s or Non-Resident Indians can use this section to acquaint themselves with the guidelines pertaining to their acquiring of immovable property.

Who is an NRI?
There are two different definitions of a Non-Resident Indian (NRI) under FEMA and the Income Tax Act.
  1. A. The Foreign Exchange Management Act, 1999 (FEMA): Section 2(w) - " a person resident outside India" means, a person who is not resident in India Section 2(v) - " a person resident in India" means -
    1. person residing in India for more than 182 days during the course of the preceding financial year but does not include -
      1. a person who has gone out of India or who stays outside India, in either case
        1. for or on taking up employment outside India, or
        2. for carrying on outside India a business or vocation outside India, or
        3. for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
      2. a person who has come to or stays in India, in either case, otherwise than
        1. for or on taking up employment in India, or
        2. for carrying on in India a business or vocation in India, or
        3. for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;
    2. any person or body corporate registered or incorporated in India
    3. an office, branch or agency in India owned or controlled by a person resident outside India
    4. an office, branch or agency outside India owned or controlled by a person resident in India
  2. Under IT Act, the Income Tax Act,1961: The definition of "Residence in India" under Section 6 of the IT Act is as follow:
    For the purposes of this Act,—
    1. An individual is said to be resident in India in any previous year, if he
      1. is in India in that year for a period or periods amounting in all 182 days or more; or
      2. having within the four years preceding that year been in India for a period or periods amounting in all to three hundred and sixty five days or more, is in India for a period or periods amounting in all to sixty days or more in that year.
    2. A Hindu undivided family, firm or other association of persons is said to be resident in India in any previous year in every case except where during that year the control and management of its affairs is situated wholly outside India.
    3. A company is said to be resident in India in any previous year, if:
      1. it is an Indian company ; or
      2. during that year, the control and management of its affairs is situated wholly in India.
    4. Every other person is said to be resident in India in any previous year in every case, except where during that year, the control and management of his affairs is situated wholly outside India.
Difference between the definition of "person resident in India" as per FEMA and Income Tax Act
  • Income-tax Act requires physical presence of 182 days or more, whereas, FEMA requires 183 days or more
  • Income-tax Act considers the physical presence of a person in the Current Financial Year, whereas FEMA considers physical presence of a person in the Preceding Financial Year
Who is a PIO?
Under FEMA, a Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan, if
  1. he at any time held Indian passport; or
  2. he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
  3. the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b)
Person of Indian Origin (PIO) for the purpose of acquiring immovable property in India as given under:-

"Person of Indian origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
at any time, held an Indian passport; or
who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)".

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