Returning to India: You need to know about RNOR | Financial planning | NRI | Back to India

Are you a NRI planning to return to India? Understanding the Resident but Not Ordinary Resident (RNOR) tax status is crucial for your financial planning. This video breaks down everything you need to know about the RNOR tax, including eligibility criteria and benefits. Stay informed and make informed decisions when it comes to taxes as a returning NRI to India!n
Chapters:
0:10 - Introduction to the topic
042: What is RNOR?
1:41: Existence of RNOR
2:25 Qualification of RNOR
4:34 Advantages of RNOR status
6:01 Tax planning strategies while in RNORo tax
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[@Madhur1986]

Can you talk about RFC - resident foreign currency account, pros/cons and strategies to max returns? I wanted to understand the cons. My understanding:
Cons -
* Investments are allowed in India from this account but not sure how it works as it might convert to INR and not convert back to USD, which defeats the purpose of keeping it in $ or restricts investments.
Pros -
* We can keep foreign currency in this account and repatriation has no taxes up to much higher limit or no limit whereas there are various increased taxes if you pay from normal Indian accounts even for education.
* For RNOR period income tax free (although % return might be less during rnor)

[@DesiReturn]

Thanks for the input. We will look into this

[@pratap153]

thx for the info. Any info if an OCI moves back to India and sell their overseas properties in coming years or lets say after moving back to India and sell the properties in next 2 to 5 years..

[@Huckfinn2020]

Yes good question! Would be helpful how sale of both primary residence and investment property sale impacts taxes during and after RNOR status. Gains are taxed differently in India and other countries

[@DesiReturn]

Assuming you are in US, primary home (stayed 2 out of 5 years) qualifies for capital gain exempt ( USC) and as far as taxes in India you have to pay taxes once you are a ROR but there is DTTA between two countries. During RNOR, there are no taxes from Indian government for capital gains abroad. This is my understanding however please consult with qualified CA before making decision.

[@nagabhushanam.atlureyon632]

I worked in the Middle East from 2004 to 2023-24. For the last financial years from 2004 to 2023-24, I stayed outside of India for an average of 190 days per year. All the money/income I earned was saved in NRE Fixed Deposits (FDs). During these years, I filed tax returns without tax liabilities. Now, I am retired.
1. How many years can I maintain my NRE FD after my retirement?
2. What steps should I take if my residency status changes to Resident Indian?
3. Will the interest on my NRE FD be taxable once I become a resident?
Please advise.

[@DesiReturn]

Sir, Please check with a qualified CA and make decision. Here is my understanding from knowledge sharing 1. Once your intent is changed to reside in India, you need to convert your accounts to resident accounts (nothing to do with your tax status; it's FEMA rules for bank accounts and its based on the intent) 2. While filing taxes based on the resident status, you will adjust accordingly. 3. By rule, you need to convert the accounts. There are other options while in RNOR (FCNR accounts), please check other options. Again please work with qualified CA or financial planner to make the right decision.