NRI investing in mutual fund via father's account.

[pjsaran]

I am an NRI residing and paying tax in Singapore. Can I send money to my father's account who is a resident indian and ask him to invest in mutual funds where I can be a "either or survivor" joint account holder? How will this be taxed? Is it legal? Will there be any problems during redemption?

 

[travi]

I am an NRI residing and paying tax in Singapore. Can I send money to my father's account who is a resident indian and ask him to invest in mutual funds where I can be a "either or survivor" joint account holder? How will this be taxed? Is it legal? Will there be any problems during redemption?

AFAIK all taxation regarding any joint a/c (either or both joint), the taxation liability is on the primary holder or first holder only ( even for Bank A/C's etc)
that's the PAN card which is responsible for taxation.
so you can send your money to father, ie. his bank a/c and he can use it to invest.

While redemption, you need to use the same path. Do note that STCG/LTCG will apply to MF redemption except for dividend funds so that also should be computed at that time.