Who (Resident Buyer or NRI Seller) need to submit/furnish Form15CA and Form15CB?

In the case of sale of property by an NRI seller to a resident buyer, the NRI seller is required to furnish Form 15CB and Form 15CA. Here's the breakdown:

1. Form 15CB:

   • The NRI seller needs to obtain Form 15CB from a chartered accountant. This form certifies that the correct TDS has been deducted and is in accordance with the tax laws for the capital gains on the sale of property.

2. Form 15CA:

   • After obtaining Form 15CB, the NRI seller must submit Form 15CA. This form is a declaration made to the bank, confirming that the applicable taxes (including TDS) have been duly deducted and deposited before the remittance of the sale proceeds to the foreign account.

Process Overview:

• NRI seller: Files Form 15CB and Form 15CA for remittance of proceeds.

• Resident buyer: Does not need to file Form 15CA or Form 15CB; their responsibility is to deduct TDS (as applicable) and ensure the transaction is correctly reported.

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