Nri have a capital gain in india

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2015 Sir,
If a NRI can sell the property in india and he want to receive this money in Foreign What procedures he can follow for this?????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 December 2015 Is it a inherited property or property purchased out of foreign currency remittance.

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2015 It is a inherited property which is purchased by the assessee's father in1967 and it is transferred in name of assessee in MAY 2015 due to the death of his father and the assessee sold it in Dec 2015.What procedures he can follow for receive this money in Foreign?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 December 2015 After paying capital gains tax he can remit, 1 Million US Dollars per year out of sale proceeds. Contact the bankers they will guide you. For this remittance 15CA to be filed and 15CB to be obtained from CA.

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2015 Property was sold in A.Y. 2016-17 and he wants to remit the sale consideration in to USA in Jan 2016 after paying the tax challan but he is not able to file the income tax return due to non abilty of income tax form so what is the procedure????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 December 2015 No need to file income tax return now for AY 2016-17. Pay taxes and fill 15CA on line and take a print out and obtain 15CB from CA and give it to bankers, remittance will be allowed.

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