Comment on Trading Q&A
commented on
06 Oct 2015, 07:54 PM
Your residential status may keep changing depending on your length of stay at India. The Income Tax Act has a special provision for people in the merchant navy. Accordingly
“Under Section 6(1), an individual is said to be resident in India in any previous year if he satisfies any one of the following basic conditions:
He is in India in the previous year for a period of at least 182 days or,
He is in India for a period of at least 60 days during the relevant previous year and at least 365 days during the four years preceding that previous year.
In case an Indian citizen leaves India for employment abroad in any year for the purpose of employment (or where an individual, who is a citizen of India, leaves India as a member of the crew of an Indian ship), or where an Indian citizen or a person of Indian Origin, who has settled abroad, comes on a visit to India in the previous year, shall not attract clause (b) of the basic conditions Therefore, such individuals may stay in India upto 181 days in a given previous year without becoming resident in India for that previous year. An individual who does not satisfy either of the above basic conditions is non-resident for that previous year.”
The onus of declaring the residential status vests on you. However for convenience, I may suggest getting an account opened in the name of spouse/parents and trading.