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Question 1 of 5
Mr. Ram had resided in India during the Financial Year 2017-2018 for less than 183 days. He again came to India on 1st May, 2018 for higher studies and business and stayed upto 15th July, 2019. State the correct answer as to the residential status of Mr. Ram in the light of the given fact as per the Foreign Exchange Management Act, 1999
(1) Mr. Ram can be considered as 'Person resident in India' during the financial year 2018- 2019
(2) Mr. Ram cannot be considered as ‘Person resident in India' during the financial year 2018-2019
(3) Mr. Ram can be considered as ‘Person resident in India' during the financial year 2019- 2020.
Only statement (1) is correct
Both the statement (2) & (3) are correct
Only statement (2) is correct
Both the statement (1) & (3) are correct
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