Are funds remitted back to self considered as "accumulated savings" for source of investments?
This query is : Resolved
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?
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?
30 October 2021
Yes, it can be appropriate response.
Your bank transfer from foreign salary income.
Your bank transfer from foreign salary income.
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?
30 October 2021
Just 'remittances from abroad' will not help; unless you justify it that it is your money, transferred through your own account.
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.
30 October 2021
Yes, just keep them ready for reply to any query that may get raised from ITD.
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