Corporate and Other LawsMCQQuestion 12575 of 300
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Under Section 2(v) of the Foreign Exchange Management Act (FEMA), 1999, an individual is considered a 'Person Resident in India' if he has resided in India during the immediately preceding financial year for:

Select Your Answer (Keyboard: A, B, C, D)
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Correct Answer

✅ Option A — More than 182 days (subject to exceptions for taking up employment/business abroad)

All Options:

  • AMore than 182 days (subject to exceptions for taking up employment/business abroad) ✓
  • BAt least 60 days in the preceding financial year
  • CMore than 365 days in preceding 4 years
  • D120 days if Indian citizen visiting India

Detailed Solution & Explanation

Correct Answer: Option **A** (More than 182 days (subject to exceptions for taking up employment/business abroad)) **Statutory Provision (FEMA 1999 - Section 2(v) Person Resident in India):** Under Section 2(v)(i) of FEMA 1999, a person resident in India means a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year, but does not include a person who has gone out of India for taking up employment or business outside India. Therefore, Option A is the correct legal position under the ICAI curriculum.

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