I am a retired Sr. Citizen (aged 75).
I am in the process of obtaining my ‘Green Card’ (US Permanent Residence) and soon, I will be transferring my residence to the USA, to stay with my daughter, as her dependent.
So, I need to liquidate and transfer all my money in India, valued about Rs. 1.7 crores (held in bank fixed deposits and equities), to my own account, opened in an US bank.
My present status is Resident Indian (though I was an NRE/NRO, few years ago). So, if I repatriate this whole sum of Rs. 1.7 crores to my US account, all in the current FY, there will be a huge TCS of Rs. 8.1 lacs (calculated @ 5% on the amount remitted, in excess of Rs. 7 lacs).
I am a taxpayer, my sole incomes being bank term deposits interest income and capital gains on my stock selling.
Is this TCS of Rs. 8.1 lacs fully recoverable as tax refund upon my current FY tax filing? If not, is there any special/hidden tax on the money transferred, which I am bound to pay?
Is there any way to avoid this TCS, like submitting Forms 15CA or 15CB?
I kindly request Experts’ valuable opinion for a cost-effective solution.
CAclubindia
