Foreign remittence

E V RAMA KRISHNA (CHARTERED ACCOUNTANT) (361 Points)

27 November 2015  

An NRI(US) client sent money through her NRO ac to purchase a house in India and purchased the house. 

after 2 months from the date of purchase she sold the same for a loss of Rs 5,00,000 and the buyer did not make tds u/s 195.

Now she wants to repatriate the amount to US through NRO ac and the banker requires 15CB and 15CA.

Whether banker is reuired to make TDS on the same amount.

what are the implications under IT Act and FEMA.

Thanks in advance