NON RESIDENT OUTWARD REMITTANCE
This query is : Open
P.Madhivadhanan
(Querist)
28 January 2021
AN NRI ASSESSEE WHO SOLD THE INHERITED PROPERTY FOR 2700000 NO TDS DEDUCTED BY THE PURCHASER. LONG TERM CAPITAL LOSS ARISES. NON RESIDENT FILED THE ITR AND GOT ASSESSMENT ORDER U/S 143(1) .SALE AMOUNT CREDITED IN HIS INDIAN BANK AC. HE WANTS TO TRANSFER THE MONEY TO UK. WHAT PROCEDURE TO BE FOLLOWED BY INCOME TAX ACT & FEMA ACT.
K Srinivas, CMA CS
(Expert)
28 January 2021
You can easily remit up to 1M USD from your NRO account. You need to submit 15CA & 15CB shile making the remittance request. Your bank may ask for the details of holding of the asset.
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