Easy Office
LCI Learning

Sale of mutual funds by an NRI

This query is : Resolved 

03 June 2023 Dear Sir,

One of my client who is an Indian resident has become an NRI in the year 2020 after shifting to USA. Her husband who was an Indian resident expired few years back and was having mutual funds in his name.

The wife transferred all the mutual funds of her husband in her name in 2023 as she was the nominee and redeem the funds.

My query is since the wife has earned income in India she has to pay capital gain tax in India. Is it ok for her to maintain a saving bank account or she has to open NRO account to take the sale proceeds of mutual funds.

Please help me in this matter.

03 June 2023 Being NRI she can only maintain NRO (&/or NRE) accounts.

03 June 2023 Ok Sir, Thanks for your reply.


03 June 2023 You are welcome.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query