Nri
Querist :
Anonymous
(Querist) 24 December 2011
This query is : Resolved
Hi
I have been NRI living in UK, since last 5 years and I have been investing through savings a/c in PPF, NSC, Fixed deposits, Mutual funds which is incorrect. Honestly I have not been guided correctly by my advisors and partly my mistake as i did not search the web for more information. Is there any way I can correct it? I have been filling my returns since last 5 yrs and my interest on investment has been 1.2 lakh, hence no tax. I have sold few mutual funds this year and created fixed deposits but through saving a/c.
Below are my financial investments
I have a property worth 50 lakhs. (Loan all paid off through NRE a/c), Fixed Deposits 27 lakhs in saving a/c, NSC 1.4 lakhs, Corporate deposits 6 lakhs, Bank balance in UK 8 thousand pounds, PPF 5 lakhs
Below are my questions
I have invested in PPF 70k each year since the last 5 years(3.5 lakhs), what needs to be done to correct it, in sense it is wrong to invest in PPF, going forward I shall not be investing but how is there any way I can correct it ? I would rather pay tax and do it correctly.
I have made fixed deposits worth 27 lakhs all created this year but from NRE to saving a/c and few from sale of mutual funds. How do I correct it as fixed desposits will mature in 3 yrs but in my saving a/c and I want to close my saving and open NRO?
Do I also need to notfy the corporates with whom I hold fixed desposits ? I am completely confused.
Your help is very much appreciated
Thanks
prabhakar singh
(Expert) 26 December 2011
Here also your query lacks coherence and inter contradiction the very first two lines
themselves found contradictory.It would be better for you to consult personally some better professional than one you have and tell that he is incompetent.
