kyc net-worth?

POSTED BY SK ON May 25, 2013 1:27 am COMMENTS (5)

Hi, my KYC was done pre-2012 so I need to submit a change-KYC and have questions on the net-worth thing?

1. Net-worth is supposed to mean “assets-liabilities”. Does assets include everything from a home, land, savings, epf, gold, mfs, shares, etc?

2. When calculating #1, does it need to include or exclude any investments made in a spouse name – like a house, mfs, shares, gold, etc?

3. Related question to #2, how is the net-worth calculated for my spouse when the investments were all made by me in spouse’s name?

Thanks.

5 replies on this article “kyc net-worth?”

  1. Hemanth says:
    April 22, 2017 at 10:59 am

    Net worth is not compulsory,You can just leave it blank…

    Reply
  2. Ashal Jauhari says:
    May 27, 2013 at 1:33 pm

    Dear Sheetal, as on date the investments done under her name is her networth.

    thanks

    Ashal

    Reply
  3. Sheetal says:
    May 27, 2013 at 12:40 pm

    Ashal,

    So for me I need not mention the investments made in my wife’s name – In that case what would be the net-worth amount mentioned for my wife’s KYC application? If she has no separate income other than the investments made by me in her name, then all these should be counted as part of her net-worth?

    Reply
  4. bemoneyaware says:
    May 25, 2013 at 8:14 am

    KYC stands for Know your customer or client.
    For Mutual funds From December 1, 2012, certain additional information needs to be submitted as well as an ‘in person verification’ (IPV) needs to be completed for further investments in any mutual fund (other than the one in which the investors have already invested).
    Networth here is just an extra information for the mutual funds (something like to treat you as preferred customer in bank). It has no tax implications and no proof is required to be submitted

    There are some salient changes in the KYC process, applicable forms and supporting documents, as listed below.

    For Individuals:
    Marital Status (mandatory)
    Unique Identification Number (UID)/Aadhaar (Non Mandatory)
    Modification in slabs for Gross Annual Income Details, or
    Individuals have the choice to mention their Net Worth as on a recent date in lieu of Gross Annual Income Details

    As t

    Reply
  5. Ashal Jauhari says:
    May 25, 2013 at 5:14 am

    Dear Sheetal, please quote the valuation of all your assets & investments. Please do not include the investments done by you under your wife’s name. This answer is from KYC angle & not from taxation of these investments.

    Thanks

    Ashal

    Reply

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