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Mr. L was employed as a fashion designer in Elegant Textile Ltd., a public limited company in Gurugram, India during the financial year 2023-24. He…

CA Intermediate · Corporate and Other Laws · PYQS · May 2024

Mr. L was employed as a fashion designer in Elegant Textile Ltd., a public limited company in Gurugram, India during the financial year 2023-24. He had efficiently provided his services for 183 days during the above said period. On 01.04.2024, Mr. H. the Human Resource Manager of Jeff Fashion Ltd., Paris (a foreign country) offered him a better employment opportunity in such company. On 02.04.2024, Mr. L. left India for taking up employment as a production controller at Jeff Fashion Ltd. in Paris. On 30.04.2024 he flew back to India for a 10 day family function in Manali, India. In light of the provisions of the Foreign Exchange Management Act, 1999, elucidate: The residential status of Mr. L- (i) On his return for attending the family function on 30.04.2024. (ii) In case, instead of vacation, he joins an employment in an Indian company after arriving on 30.04.2024.

Suggested Answer and Working Notes:

According to section 2 (v) of the Foreign Exchange Management Act, 1999, "Person resident in India" means a person residing in India for more than 182 days during the course of the preceding financial year but does not include a person who has gone out of India or who stays outside India, for or on taking up employment besides with the other specified purposes, outside India. (i) In the given question, Mr. L will be treated as a person resident outside from 2.4.2024 till the time he works in Jeff Fashion Ltd. in Paris, as he has gone out of India for or on taking up employment outside India. His return to India for 10 days to attend a family function, will not alter his residential status. (ii) Mr. L will be treated as a person resident in India from the day he joins employment in India (after arriving on 30.4.2024).

Topics: The Foreign Exchange Management Act, 1999

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Mr. L was employed as a fashion designer in Elegant Textile Ltd., a public limited company in Gurugram, India during the financial year 2023-24. He…

Suggested Answer and Working Notes:

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