Foreign remittence

Dear Sir

You have to comply with following statutory requirements...

FEMA :-  

1.The NRI may remit from the balance held in NRO account an amount not exceeding 10,00,000 USD per financial year.

2. In other case you will have to take prior Approval of RBI.

Income Tax Act 1961 :- 

1. It was the buyers responsibility to deduct TDS on short term capital gain at slab rate applicable to Individual.

2. You will have to provide form 15CA & 15CB from a practicing CA for remittance of funds from NRO account.

3. Banker will not deduct TDS on your remittance.

Note:- It's liability of CA to determine the applicable taxes on above mentioned remittance and direct the banker to deduct or not TDS on such amount through his certificate "i.e 15CA & 15CB"