Tax Rules for NRI’s Moving Back to India
NRI’s returning back to India after serving many years in foreign countries will be termed as “NRI’s moving back to India”.
NRI’s returning to India assume RNOR status for which the conditions are mentioned below –
After returning to their home country, Income tax department allows RNOR’s to enjoy the same exemptions which are allowed to NRI’s but it is only given after 2 years. Therefore, deposits held in foreign currency which are exempted for NRI’s are also exempted for RNOR’s after living in India for 2 years.