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POSTED BY ON May 16, 2012 8:22 pm COMMENTS (3)
I have recently moved to Singapore and will be working there for at least the next 03 years.I have 4 SIPs running in India at the moment which I had started in 2009-10 including HDFC Top 200 and Equity Fund,IDFC premier equity and UTI Dividend Yield Fund.
Q 1. Does it make sense to make ADDITIONAL investments in MFs in Singapore or is it better to send the money back to India and make additional investments into my existing SIPs ?
( Savings bank interest rates in Singapore are laughably low!)
Q 2. If I do move money back to India , do I need to pay and file IT returns ?
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1. Income from investments ? That is only if I redeem my funds and incur a STCG/LTCG tax,right ?
2. Is it necessary to convert my bank account in India into an NRE/NRO account ? After doing that will I need to update my KYC ?
Dear Arjun, you may have other taxable income also like interest from bank FDs, Rental income from your property in India, STCG & LTCG from MFs other than Eq.
All these incomes ‘ll be clubbed together & are taxable & thus you w’d have to file your ITR.
Yes as your residency status is now NRI, it’s necessary to convert your bank accounts to NRE/NRO & update your KYC also for the same.
Thanks
Ashal
Dear Arjun, you can keep investing in Indian MFs. No there is no tax on your global income if you are out of India on employment & the employer is not an India situated co. If you do have some indian income from your investments etc. you may file your ITRs.
Thanks
Ashal