Nri taxation for MF investments through normal saving account
Hello Sir,
I am an NRI doing job in Saudi Arabia since 2014. Before moving to Saudi, I was having Mutual Fund investments through one of the online platforms in India through my Indian Salary Account.
After I started getting my salary in my overseas job I just continued to invest in Mutual Funds same way through my old Resident Ordinary account as before. I did this because it was not possible for me to do/complete all documentations and ReKYC to change residency status for mutual fund investments. I kept it unchanged for operational convenience. I am transferring funds from NRE account to my old salary account and investing in Mutual Funds.
I realized that, its a wrong this I am doing and would like to correct this mistake.
Please let me know the best way to handle this kind of situation.
I just want to continue the investments without redeeming them.
Please let me know convenient way to correct it and its tax implications.
I would like to mention here that my wife is not NRI and she is in India with no earnings apart from some rental income which is well within tax free bracket.
Thanks
Milinf