Tax Matters Please advise

#1
Please help me!!,
I want to know something... I opened a Trading account with sharekhan in 2005. But, I now work abroad so any money I put into my account is now NRI money, Is there any problem with that? what can I do to solve it?..
What is a Tax Audit? How will it affect me since I am an NRI but investing in the market through an ordinary trading account that I opened a long time back? I am a law abiding citizen and want to comply with any laws that might be in place.
Regards,
Preston.
 
#3
hi!,
The income earn outside the india as an NRI has a different route to invest.
You must open an NRI trading account for that.( in HDFC bank with NRI demat account) You can open it from your city.
As per law of india you can not invest in India as a normal Indian citizen.
You can not open even FD in the bank in your name while your status is NRI.
But people do all these things normally, by having joint name (father mother etc)as non-NRI members. N
Your tax consultant may be able to give you a better idea.

yashodhar
 
#4
Hello Yashodhar,
Thanks for your reply, When I first started my account I was not an 'NRI' so can I now change my current Demat account to NRI? or is it better to let my wife become a joint account holder with me she is a housewife and does not stay abroad.
Regards,
Preston.
 

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