Sale of mutual funds by an NRI

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DIVYESH JAIN (Querist)
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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.

Dhirajlal Rambhia

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

DIVYESH JAIN

DIVYESH JAIN (Querist)
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03 June 2023 Ok Sir, Thanks for your reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 June 2023 You are welcome.

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