Hi, pls suggest applicable compliances under Rule 37BB and Form 15CA & 15CB in below case
- Indian Resident buying residential property from an NRI
- payment of the consideration is to be done in INR into the NRO account of the seller.
Pls suggets
Abhilash (CA) (5 Points)
16 August 2021Hi, pls suggest applicable compliances under Rule 37BB and Form 15CA & 15CB in below case
- Indian Resident buying residential property from an NRI
- payment of the consideration is to be done in INR into the NRO account of the seller.
Pls suggets
Shankar Rugge
(369 Points)
Replied 17 August 2021
1. The NRI seller has to obtain TAN No
2. He has to apply to IT authorities in case he desires to pay less tax by proposing to invest in Capital gain acts or Reserve bank Deposits. If not then you have to deduct full tax of 33% on value( pl check exact %).
3. Once NRI uploads TDS return then it will reflect in your 26AS.
4. You can complete the registration and 15C etc
Abhilash
(CA)
(5 Points)
Replied 17 August 2021
The question is - as the payment is done in INR whether form 15CA 15CB need to be filed?
Abhilash
(CA)
(5 Points)
Replied 17 August 2021
The reading states "remittance" , "authorized dealers", etc. These are typically linked with transactions in foreign currency. Here the payment is in INR only (into the NRO a/c held in India by NRI) no foreign currency involved. Even than, 15CA to be submitted?
Or isn't it these requirements will be applicable whenever NRI takes out money from his NRO account to outside India.
Shankar Rugge
(369 Points)
Replied 17 August 2021
For taking money to NRI place of residence he needs 15CA forms to be be submitted to the bank based on which bank will transfer money from NRO to NRI act of an NRI
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