Dear Sirs/ Madams,
I am seeking advise on remittance of capital gains.
I purchased property in India in FY 2009-2010 with my father as first owner and myself as second owner.
I provided 100% of the needed funds to my father to issue cheques to builder. In all my previous incometaxfiling (form ITR-2) the ownership of property is reflected as 5% owned by father & 95% owned by myself.
I have sold the property in FY 2017-18 and the sale value is deposited to my father's account. TDS of 1% was deducted on behalf of my father. As per the capital gains calculation on indexed value of property, we will not be liable to pay any tax and my father would seek refund of TDS in next year's tax return.
I wish to first transfer 95% (or 100% if technically possible) of sale value to my NRO account and then remit it to the NRE account. I do not wish to move funds out of India, but just to have them in NRE account to make interest income earned tax free.
Could you please advise on the case?
Is any CA on the forum helping to efile 15CB form at a reasonable fee? I will efile in 15CA myself.
Thank You.
Tushar Bramhankar
CAclubindia
