Query regarding foreign remittance
Pradip P (Student) (21 Points)
18 May 2017Pradip P (Student) (21 Points)
18 May 2017
Poltu Ghosh
(Job)
(1865 Points)
Replied 18 May 2017
CA PRADEEP C B
(Prop: Pradeep C & Company Chartered Accountant Palakkad Kerala)
(166 Points)
Replied 18 May 2017
Abhinav
(CA)
(397 Points)
Replied 25 May 2017
The transfer must be made from legitimate tax paid funds in USA.
During an income tax assessment, the AO can ask his father to prove the genuineness and identiy of the donor and that of the source of funds. If not, the income can be treated as undisclosed income u/s 68 - read this post: Gift by NRI to Resident: Also be aware of Section 68 of ITA
In case of gift, FEMA provisions will also apply - read this post for more clarity: FEMA Implications on NRI Gift Transactions: A Scenario-wise Analysis
Have in place a gift deed on plain paper executed in duplicate signifying mutual intention of both parties.
Thanks!
J S Dua
(Partner)
(22 Points)
Replied 06 December 2017
AN NRI person has sold his property and there is a long term capital gain .The purchaser has deducted 1% on the purchase of property .The seller wants to remit all his money to UK ad is asking 15CB from the CA.
Please reply on urgent basis .
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