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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- Building tax payment deduction in rental Income
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
