TDS on transfer amount from NRO to NRE

Respected members,

 

I am transfering Amount of Rs. 7 lakhs from my NRO account to NRE account.

this amount was received by selling a property in India and Tax has been already deducted on property selling. 

Now bank is asking for 15CB form Do I need to file 15CB for this or just need a 15CA form and which part.

 

Please Help

Thanks. 

Replies (1)

Transferring Funds from NRO to NRE Account -

*Tax Already Deducted*: Since tax has already been deducted on the sale of the property, you'll need to comply with the regulations for remitting funds from an NRO account to an NRE account. Requirement of Forms 

- *Form 15CA*: You'll need to file Form 15CA, which is a declaration form for remittance of funds outside India. - 

*No Need for Form 15CB*: Since the tax has already been deducted on the sale of the property, you wouldn't need to obtain a certificate from a Chartered Accountant in Form 15CB. Procedure for Form 15CA - 

*Part-I of Form 15CA*: You'll need to fill and submit Part-I of Form 15CA, which requires details about the remitter, the beneficiary, and the remittance. - 

*Upload Supporting Documents*: You'll need to upload supporting documents, such as the sale deed, tax deduction certificate, and proof of tax payment. Bank's Requirement -

 *Compliance with RBI Regulations*: The bank's requirement for Form 15CB might be a precautionary measure to ensure compliance with RBI regulations. -

*Clarify with the Bank*: You can clarify with the bank whether they require any additional documentation or certificates. Conclusion For remitting funds from your NRO account to NRE account, you'll need to file Part-I of Form 15CA, providing details about the remittance and uploading supporting documents.

 Since tax has already been deducted, you wouldn't need Form 15CB.

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