30 August 2014
i am sending fund Rs. 70.00 Lacs to my daughter NRO to NRI A/c india to UK for purchase house. She is NRI resident. before NRI she has income tax payee in india his own fund Rs. 20.00 Lacs included Rs. 70.00 Lacs. balance 50.00 Lacs gift and loan received from relatives. please advice if 15CA/CB certificate required to remittance this fund to UK.
04 September 2014
Rs 20 lacs is her repatriation and Rs 50 lacs is the gift. In my view, on Rs 20 Lacs form 15ca/cb compliance shall apply and on the rest it is not required. However many Banks may insist compliance on both.
CAclubindia
