A client to gift say 5L cash to own brother who is an NRI so he can deposit in NRO ac. Gift deed is made. Now he wants to transfer from NRO to NRE ac after converting it. Does such transaction need form 15CA? As this is not an income and its not taxable.Please guide . The gifter is indian brother.
1 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 01 October 2018
Above transactions are covered in Sr. no-one 27 of in List of payments of specified nature mentioned in Rule 37BB, which do not require submission of Forms 15CA and 15CB.
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