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Nre account

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17 September 2013 UP TO FY 2011-12 MY CLIENT IS AN NRI AND HE MAINTAINS NRE ACCOUNT AND FROM THAT ACCOUNT HE INVEST IN MUTUAL FUNDS FOR THE FY 2012-13 HE COMES TO INDIA PERMANENTLY AND HE STARTS THE BUSINESS & HE REDEEMS THE MUTUAL FUND IN NRE A/C AND INVESTED IT WHETHER THE MUTUAL FUND REDEMPTION IS TAXABLE & WHEATHER I WANT TO DECLARE THAT MUTUAL FUND REDEMPTION INCOME IN THE CURRENT FINANCIAL YEAR RETURN
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 September 2013 Dear Natarajan,

generally mutual funds scheme come with tax exemptions. So please check whether your client's mutual investments are taxable or not.

If they are, then no worries. Your resident status won't impact the taxability.
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