Foreign Remittance & Income Tax

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This discussion addresses an NRI client's query about remitting funds to the UK after selling a property. The client had TDS deducted on the sale and sought guidance on the remittance procedure and income tax compliances. The advice provided confirms that filing Forms 15CA and 15CB with the bank is necessary for the remittance, and no further income tax compliance is required for the remittance itself after TDS deduction.

CMA Omkar.TIlve

CMA Omkar.TIlve (Querist)

08 January 2021 Client (NRI) sold property for Rs 58 lac.. Accordingly TDS of Rs 11.6 Lac was deducted and deposited.. Client want to remit balance to England.
Q1 Please let me know the procedure to remit money to UK (any specific scheme)
Q2 Please let me know the Income Tax Compliances to be followed

Thanks in Advance

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

08 January 2021 1 15CA and 15CB to be filed and copy given to bankers for remittance.
2 TDS deducted no further income tax compliance required for remittance.

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CMA Omkar.TIlve

CMA Omkar.TIlve (Querist)

08 January 2021 Thank you so much sir

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