Shares of an Indian closely held company are purchased from an NRI and payment is to be made to him in India in Rupees. Amount shall be transferred to his NRO A/c. Though the payment is to be made to NRI, it shall be remitted in India in rupees. So, is it required to file Form 15CA if the consideration is exceeding Rs.5 lakhs.
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Clarification with regard to form 15ca
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The Information in Form 15CA and 15CB is required to be furnished only in case of taxable foreign remittance.
Since payment is made to NRI in INR hence in my view 15CA is not required in this case
also A CA certificate in Form No. 15CB is not required to be furnished if payments made to non-residents is not chargeable to tax and the amount of payment during the year does not exceeds Rs. 5 lakh.
Since payment is made to NRI in INR hence in my view 15CA is not required in this case
also A CA certificate in Form No. 15CB is not required to be furnished if payments made to non-residents is not chargeable to tax and the amount of payment during the year does not exceeds Rs. 5 lakh.
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