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A 'person resident in India' under FEMA generally requires presence in India for more than:
A6 months in the preceding FY
B120 days in the preceding FY
C240 days in the preceding FY
D182 days during the preceding FY
Answer & Solution
Correct answer: D. 182 days during the preceding FY
1. Section 2(v) of FEMA — a 'person resident in India' includes a person who has resided in India for MORE THAN 182 days during the preceding financial year, subject to exceptions.
2. Distinct from the Income-tax residency test under Section 6 IT Act.
3. Hence (C).
_Source: ICAI BoS CA Inter Paper 2 — FEMA 1999_