17 September 2026
5 mins read
The taxation of mutual funds for NRIs in India depends on the type of mutual fund, holding period, capital gains, and applicable tax laws. This blog explains how TDS is applied, the tax implications for NRI investors, key tax terms, and the factors that determine the taxation of mutual fund investments in India. It also helps you understand how these tax rules may affect your investment decisions and tax reporting obligations.
Many NRIs continue to invest in Indian mutual funds while they are outside of India. If you are an NRI, it may help to know the tax rules that will apply to determine how your investments will be taxed or whether you will be eligible for any tax deductions.
NRIs’ taxation on mutual funds will depend on multiple aspects, such as the type of mutual fund purchased, the holding period, the actual capital gains, and the applicable tax provisions.
By learning more about TDS, taxation on capital gains, and other important concepts of tax, you can gain clarity regarding your respective tax position.
Indian mutual funds allow NRIs to invest in them based on the rules, regulations and policies of the fund. To qualify as an NRI and be eligible to invest in mutual funds, NRIs must follow the rules:
KYC (Know Your Customer) requirements and the investment process set out in sub-sections (1) to (3) of section 80 of the Companies Act, 2013.
An NRI will be using a non-resident external (NRE) account, non-resident ordinary (NRO) account, or foreign currency non-resident (FCNR) account, depending on the individual case and applicable regulations.
Tax Deducted at Source (TDS) is the technique used to collect taxes from non-resident individuals. The mutual fund provider deducts tax before transferring the redemption amount to your account, saving you from having to pay tax later.
Let's say, for instance, that you sell mutual fund units and earn. Tax is already withheld and deposited with the Indian government before the money even reaches you. TDS will still be applied even if your total Indian income is less than the exemption threshold.
This does not, however, imply that you will always lose the money. You can always file your income tax return (ITR) in India and request a refund if too much tax has been withheld.
Additional Read: Demat Account for NRI
NRIs are taxed according to their income earned or accumulated in India under the previous tax system. India does not tax your foreign income. The slabs are as follows:
Up to ₹2.5 lakh in income is tax-free.
5% of ₹2.5 lakh to ₹5 lakh
20% of ₹5 lakh to ₹10 lakh
30% over ₹10 lakh
Remember that the refund under Section 87A is only available to residents and cannot be claimed by non-residents. However, if qualified, you can still claim deductions such as Section 80D (medical insurance), 80C (ELSS investments, life insurance, and home loan principal), and Section 80D (interest on housing loans).
More slabs and reduced rates are provided under the 2020 tax regime, although the majority of exemptions and deductions are not permitted. The slabs for FY 2024–2025 are as follows:
Under the new tax regime (Section 115BAC), applicable to NRIs by default, tax rates are as follows:
Income up to ₹12 lakh: No tax
₹12 lakh – ₹16 lakh: 15%
₹16 lakh – ₹20 lakh: 20%
₹20 lakh – ₹24 lakh: 25%
Above ₹24 lakh: 30%
A standard deduction of ₹75,000 applies, which effectively raises the tax-free threshold to ₹12.75 lakhs.
Your income sources and whether or not deductions are advantageous to you will determine whether you choose the old or new regime. NRIs have to make a choice while submitting their ITR.
The way a mutual fund is taxed for non-resident Indians (NRIs) will depend on what type of mutual fund an NRI invests in and the specific provisions of the tax law applicable to that fund.
Capital Gains Tax – The amount of capital gains tax will depend on whether the NRIs’ capital gains are classified as long term or short term, and which type of mutual fund the NRI invested in.
Tax Deducted At Source (TDS) – Many mutual fund companies must withhold tax from the payment of eligible capital gains received by NRIs, as specified by the Income Tax Act for other non-residents.
Applicable Tax Rates – Rates of tax will vary based on the type of mutual fund, the holding period of the NRI’s investment and the current governing tax laws that apply.
As an NRI, your eligibility to claim deductions under Section 80C of the Income Tax Act is limited but still provides room to reduce taxable income in India. Here are the main deductions available to you:
Premiums paid on life insurance policies in your name, your spouse, or children are eligible for deduction under Section 80C.
You can invest in Equity Linked Savings Schemes (ELSS), which qualify for deductions up to ₹1.5 lakh per financial year under Section 80C.
If you have taken a home loan for property in India, the principal repayment amount is deductible under this section.
You can claim deduction on tuition fees paid for your children’s education in India, provided it is for a full-time course in a recognised institution.
Premiums paid towards ULIPs also qualify under Section 80C for NRIs.
While many 80C instruments like PPF or NSC are not open to NRIs, the available options still allow you to plan your taxable income responsibly within the permitted limits.
Additional Read: How Can NRIs Invest in Mutual Funds in India?
The taxation of mutual funds for NRIs in India depends on several factors, including the type of mutual fund, holding period, and applicable tax provisions. Understanding these aspects can help you interpret how your investments are taxed and the reporting requirements that may apply.
Type of Mutual Fund
The tax treatment depends on whether you invest in equity-orientated or debt-orientated mutual funds. Each category follows specific tax provisions that determine how capital gains and other investment-related income are taxed.
Holding Period
The duration for which you hold your mutual fund units determines whether the gains are treated as short-term or long-term. The applicable tax rate depends on the holding period prescribed under the Income Tax Act.
Capital Gains and TDS
Capital gains earned from mutual fund investments may be subject to taxation, and Tax Deducted at Source (TDS) may apply in accordance with the prevailing tax provisions applicable to NRI investors.
Tax Reporting Requirements
NRIs may need to consider applicable tax reporting requirements while filing their income tax returns in India. Proper documentation and an understanding of the relevant tax provisions can help ensure accurate tax reporting.
Understanding a few common tax terms can help NRIs better interpret the tax treatment of their mutual fund investments in India. These terms explain how taxes are deducted, how gains are taxed, and how tax rules may apply based on your residential status.
Tax Deducted at Source (TDS)
TDS is the tax deducted before certain payments are made to an investor. For mutual funds, the applicable TDS depends on the type of fund, the nature of the income, and the prevailing tax provisions.
Capital Gains
Capital gains refer to the profit earned when mutual fund units are redeemed or sold. The applicable tax depends on the type of mutual fund, the holding period, and the tax provisions in force at the time.
Double Taxation Avoidance Agreement (DTAA)
DTAA is an agreement between India and another country that aims to prevent the same income from being taxed twice. Eligibility to claim DTAA benefits depends on the applicable treaty provisions and supporting documentation.
Residential Status
An individual's residential status under the Income-Tax Act determines how certain income is taxed in India. The applicable tax treatment depends on the residential status for the relevant financial year and the prevailing tax laws.
Additional Read: How to Invest in Mutual Funds
Disclaimer
This content is intended for educational and informational purposes only. Tax laws may change over time and depend on individual circumstances. You should refer to the latest Income-Tax Act provisions, applicable regulations or consult a qualified tax professional before making financial or tax-related decisions.
Starting July 23, 2024, the STCG tax rates for NRIs on stocks and equity mutual funds have risen from 15% to 20%
In the Union Budget 2024, it was announced that NRIs would no longer be eligible for the indexation benefit on long-term capital gains (LTCG) received from property sales. While there has been a 12.5% reduction in the tax rate, the inability to adjust for inflation means higher tax liabilities for NRIs.
There has been an increase in the TDS for NRIs on the sale of listed equity shares and equity mutual fund units.
LTCG: The rate has risen from 10% to 12.5%,
STCG (of less than 12 months): The rate has gone up from 15% to 20%.
As an NRI (Non-Resident Indian), you can purchase new or continue your investments in mutual funds. However, it’s crucial to comply with the rules and guidelines outlined by the Foreign Exchange Management Act (FEMA).
The LTGC for NRIs in the stock market has been increased to 12.5%, while the STCG have now been set at 20%
Once you become an NRI, you need to update your KYC details with your Asset Management Company (AMC). SEBI has relaxed the "KYC Registered" status rules for NRIs, and you can invest in mutual fund schemes (both new or existing) till 30th April 2025, without submitting any new paperwork.
The choice of mutual funds depends greatly on your financial goals, and also the country that you reside in. You should also keep in mind that certain mutual fund houses discourage investments from USA and Canadian NRIs.
For NRIs, short-term capital gains (STCG) from mutual fund units held for less than a year are taxed at 15%. Investments in equity-oriented mutual funds are tax-free up to the annual exemption limit of ₹1 lakh for long-term capital gains (LTCG)
No, tax on mutual fund capital gains isn’t automatically deducted. You have to pay it when you redeem your units. However, TDS (Tax Deducted at Source) is applicable on dividend income from debt funds.
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