Form 15CA for remittance of money abroad

When an NRI wants to repatriate funds from an NRO account (such as proceeds from the sale of a property in India), the correct part of Form 15CA to file is Part C.

Why Part C?

• Taxability: Proceeds from the sale of property in India are considered capital gains and are chargeable to tax in India. Because the income is taxable, Part D (which is used for non-taxable remittances) is not applicable.

• Threshold: Property sale proceeds almost always exceed the ₹5 lakh threshold. For taxable remittances exceeding ₹5 lakh in a financial year, a Chartered Accountant's certificate—Form 15CB—is mandatory.

• The Process: You must first obtain Form 15CB from a Chartered Accountant. Once the CA certifies the remittance, you use the acknowledgement number from that Form 15CB to file Part C of Form 15CA on the Income Tax e-Filing portal.

Summary of Form 15CA Parts

Important Notes:

• NRO Account: You are correct that property sale proceeds must first be credited to an NRO account. The transfer of these funds from the NRO account to an overseas bank account is considered a repatriation of funds, which requires this tax compliance.

• Documentation: Ensure you have your TDS certificates (Form 16A) ready, as the CA will need these to verify the tax already paid when preparing Form 15CB.

• Submission: Once you submit Part C, download the acknowledgement and provide it to your bank to process the outward remittance.

Summary: For repatriating property sale proceeds (which are taxable and typically exceed ₹5 lakh), you must obtain a Form 15CB from a Chartered Accountant and subsequently file Part C of Form 15CA.