A Chartered Accountant went to Gulf and worked for various foreign oil companies. Sent all his earnings through banking channels. Returned to India after more than 25 years (every year he visited India with his family during school vacation period). Will he have to pay incometax on FCNR interest accruals? Will not he have any tax “immunity” for some period? He also invested in Canada Stock Exchange. When he plans to bring the entire investment back to India in USD how will this income be treated? Any tax benifits are there since he is no longer an NRI but declared his Resident status to his bankers in 2007 Jan.
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