Applicability of form 15 ca for payment to non resident

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CHANDRASEKARAN SUBRAMANIAN (Querist)

27 February 2014 Our client is an Indian by birth, he is working in HCL at United States and he has got citizenship in USA. Now he purchased shares under ESOP from HCL on repatriable basis pursuant to the approval of RBI. For the shares allotted in USA, Taxes withheld @ 33%. Now the person sold the shares in BSE and the amounts has been given credit to NRO account. He wants to transfer this money to USA account. The Bankers insist to give Form 15CA to transfer the money from NRO account to USA account. Whether Form 15CA is applicable in this case and whether any TDS or Capital gain tax is to be paid. Kindly clarify and in what basis Form 15CA will be issued

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)

27 February 2014 banks are demanding 15ca for compliance purpose with RBI, in your case 15ca is not applicable but we have to issue this for all transaction of nro to nre accounts. we can't do anything other than issue of 15ca

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