Form no. 15cb

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This query is : Resolved

CA Tejas Andharia (Querist)

30 January 2013 At the time of issuing 15CB, is it the duty of CA to verify whether the income tax (Long Term Capital Gain) is paid by the remiter?

Suppose, someone has got some amount by the way of sale of some land and now he/she wants to remit that amount to US to their relatives. So, at that time, while issuing Form No. 15CB, is it the compulsion on CA to verify that the LTCG Tax is paid or not by the remiter?

CA bhargava

CA bhargava (Expert)

30 January 2013 yes ., because he certifies that whether the pax has been paid or not in that transaction and also 15ca has to be filed

CA Tejas Andharia

CA Tejas Andharia (Querist)

30 January 2013 @CA. Bhrgava. Thanks for taking interest in this matter. But you may again read the Form No. 15CB. No where it is said that CA must verify that LTCG Tax is paid on remittance money. And in 15CA also. Further 15CA is filed by remiter.
Wordings in 15CB are such that CA is certifying only TDS related details.

CA Tejas Andharia

CA Tejas Andharia (Querist)

30 January 2013 More experts are invited to this issue.

CA bhargava

CA bhargava (Expert)

30 January 2013 CONTACT your ca for more details

CA Tejas Andharia

CA Tejas Andharia (Querist)

31 January 2013 My dear friend, I am also CA. I am only confirming my view. I request more experts to join this and they are also requested to once read Form No. 15CA, 15CB, Section 195(6) and Rule 37BB and then express the opinion.

CA bhargava

CA bhargava (Expert)

31 January 2013 sir , in the above transaction, the money which you are sending to the foreign is from the sale of LTCG asset., and in 15ca ., we will declare the nature of trasaction for which the payment is made., so the sale of LTCG has no relevance with the remmitance of money., as far as i observe. it is being remitted for what purpose?

in the above in issuing 15cb report., i think that there is no relation between sale of ltcg and remitance., since i thought that the owner is selling the lt asset and remitting that to the relatives in foreign., then here the point comes is the remitance part than the long term capital gain

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