Form 15cb
This query is : Resolved
Sanjay Diwakar
(Querist)
18 December 2013
Can you please clarify this.
As we approached to provide the FORM CB to our Client..
1. A NRI having a NRO account has sold his residential property in India and want to remit the funds to Dubai to settle his personal loans taken there so that he can get relieved from his job and can come to India for good. Asset purchased in June 1997 and sold on 8th Dec 2013.
2. In such a case can we issue Form 15CB to him. Can he make such remittance?
3. What are the Capital gain implications, since he says he will come back to India and purchase an asset to get Capital gains exemption? In case we can issue Form 15CB can we ignore the Sec 54 provisions?
Thank You
As we approached to provide the FORM CB to our Client..
1. A NRI having a NRO account has sold his residential property in India and want to remit the funds to Dubai to settle his personal loans taken there so that he can get relieved from his job and can come to India for good. Asset purchased in June 1997 and sold on 8th Dec 2013.
2. In such a case can we issue Form 15CB to him. Can he make such remittance?
3. What are the Capital gain implications, since he says he will come back to India and purchase an asset to get Capital gains exemption? In case we can issue Form 15CB can we ignore the Sec 54 provisions?
Thank You
Arihanth Jain
(Expert)
25 December 2013
My views:
a. Compute capital gains and tax thereon as per law.
b. Yes, form 15cb compliance is needed.
c. Sec 54 etc., all need to be considered where ever applicable.
a. Compute capital gains and tax thereon as per law.
b. Yes, form 15cb compliance is needed.
c. Sec 54 etc., all need to be considered where ever applicable.
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