POSTED BY October 22, 2014 12:12 pm NO COMMENTSON
I started in MF SIPs from July 2012. I moved to USA in the month of February 2014 and my SIPs are still continue in India. My Bank account is still in India as Normal savings account. I checked with FundsIndia and they said that I can continue my SIPs as usual.
1. Should I change my bank account to NRO account and close my SIPs or can continue doing this. What if I continue doing this What consequences would I be facing?
2. I have PPF account opened on my wife name and another account for myself. Can I continue investing 1.5L per year.
3.My housing loan EMI is been transferred from my existing Indian Bank account. Do I need to change that as well?
4. I am getting rent for my house in India and it is transferred to my bank account, Do I need to pay tax and file IT-Returns as usual?
5. Term Insurance are taken for both my wife and myself. Can I continue that? Unfortunately we haven’t taken health Insurance, but would like to take that as soon as we visit India next time.
We are not sure of our plans coming back to India in near future. We might come back or stay for long here.
Please kindly suggest. Thanks in advance.