SushantSingh (Others) 17 June 2019
Dear experts, I am a non resident working in the middle east. Since I do not have interest income or other income generated in India, or income is below minimum exemption limit of 2.5 lacs, I do not file ITR.
However, can I invest in mutual funds in India from salary earnings made in the middle east ? Is there any cap on the investment, even though I am not filing returns ?
I can explain source of funds as salary, and have the requisite number of days outside country.
Is filing returns a pre-requsite for investing in mutual funds ? Is there any upper limit.
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Pankti Joshee (student) 17 June 2019
Yes NRI can invest in MF through NRO or NRE account, provided the tax paid salary amount is credited to the Indian account through bank transfer. There is no cap for investment. But file return as and when its mandatory as per act.
As return are not filed earlier, keep financial details and bank statements ready in case of query.