Please advise!

[sam_kuw]

Hi Friends,

I have a problem and would be thankful if someone can give some advice.

I have been an NRI for the past 9 yearsa and I have sent money to india through my NRE bank account.

Problem - I have about 10 lakhs in cash in India(the source of the cash was sale of property in india).
If I have a PAN card can I invest this money in Mutual Funds? Will the fund houses or tax authorities create problems? (I have sent more than 10 lacs through my NRE a/c)
If there will be problems, what is the solution to this?

Please advise.

Thanking you in advance.

Sameer

 

[aca_trader]

Hi Friends,

I have a problem and would be thankful if someone can give some advice.

I have been an NRI for the past 9 yearsa and I have sent money to india through my NRE bank account.

Problem - I have about 10 lakhs in cash in India(the source of the cash was sale of property in india).
If I have a PAN card can I invest this money in Mutual Funds? Will the fund houses or tax authorities create problems? (I have sent more than 10 lacs through my NRE a/c)
If there will be problems, what is the solution to this?

Please advise.

Thanking you in advance.

Sameer

The MF guys do not look into your source of fund and hence they will be least bothered. However, you will need to pay capital gain tax on the profit made by selling property. BTW, You should have deposited this sale proceed in your NRO account.

Best Regards,
--Ashish