I would like to gain clarification in regards to my investments made as a resident and also as a NRI (Non-Resident Indian).
- The investment done in mutual fund during the tenure being an resident was continued even after residence status had changed to NRI. This investment has been stopped and the new investments in mutual funds as NRI have been started.
- Insurance policies (Life, medical, accident) were all taken when had been a working in India. Even though the status has changed the documents of theses polices still have not been updated. Kindly let me know the steps to be taken in regards to this point.
- Bank accounts were opened during the period of working in India. After the status was changed to NRI. The payments for the policies(as in point 2) still get deducted from theses accounts. Need to know the procedure to change the status of the insurance policies without affecting the ULIPS. One of the polices is a investment done in the name of my son.
- Other accounts being held as joint with my wife are they taxable, as my wife is a IT payee in India.