Are funds remitted back to self considered as "accumulated savings" for source of investments?

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Ngr (Querist)
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30 October 2021 For fiscal year 2020, I qualify as NRI for tax purposes. I have returned now to India. I worked abroad during 2020 and remitted back my foreign savings in rupees to my own Indian account. Using these remittances as source, I invested in many mutual funds in India through the fiscal year.
For 2020, I have no taxable income in India but to explain the 'source of funds' for my mutual fund investments on the IT Compliance e verification portal, can I select "Out of earlier income or savings" as the appropriate response?
- If yes, what supporting documents should I have available?
- If no, what other response option can I select for "Source of Investments and Taxable Income" category?

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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30 October 2021 Yes, it can be appropriate response.
Your bank transfer from foreign salary income.

Ngr

Ngr (Querist)
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30 October 2021 Dhirajlalji, thank you so much for your prompt response. For bank transfer documentation, if I show my Indian account statement (for 2020) with remittances received from abroad, will that be the correct document proof?

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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30 October 2021 Just 'remittances from abroad' will not help; unless you justify it that it is your money, transferred through your own account.

Ngr

Ngr (Querist)
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30 October 2021 Ok, thank you. I will then download the remittance transaction details that shows the sender and receiver information for each remittance on the remittance service provider site.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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30 October 2021 Yes, just keep them ready for reply to any query that may get raised from ITD.

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