ForeignRemittance

This query is : Resolved

MAKARAND DAMLE (Querist)
Follow

09 May 2022 NRI - Husband and wife sold Flat and sum has been credited in Indian Bank account.
NRI status was not declared at the time of sale transaction and buyer has deducted 1% TDS from sale consideration
Now NRI wants to transfer funds to his account in Foreign Country

My question is
Whether Form 15CA and 15CB is required to transfer funds ? If yes whether Remitter and Remitee will be same since it is transfer of funds
Also can wife transfer her funds in bank account of her husband and husband can transfer full proceeds to his account in Foreign Country ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

09 May 2022 15CA and 15CB required, yes, still it's required in such a case.
Yes, such transfer allowed.
First apply to international taxation division at Delhi and pay applicable capital gains tax and then transfer funds.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
Follow

09 May 2022 After deducting indexed cost of acquisition from sale proceeds there are no capital gains and there is long term capital gains loss. Then also i should apply to international taxation division at Delhi ??
Also can wife transfer her funds in bank account of her husband and husband can transfer full proceeds to his account in Foreign Country ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

09 May 2022 Yes, in view of TDS not deducted.
Such transfer of funds no problem in foreign countries.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now