foreign payment

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rupesh (Querist)
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09 December 2009 hi
If a person remit rupees to his relative for start business in foreign country then whether tds should be deducted or not?
if yes then in which section and provision
what is the process to give form 15 CA and 15 CB whether given in bank or elsewhere?
please guide me

CA Anand Sarda

CA Anand Sarda (Expert)
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10 December 2009 As per Income tax Act, If a person gives gift in cash or kind to his relative, then it is exempt from tax to the person who is receiving. So it doesnot effect whether he is in foreign or India provided he/she is your relative as per Sec56(ii).
So there is no requirement to deduct TDS.

Saurabh Aggarwal

Saurabh Aggarwal (Expert)
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21 July 2010 Apart from what Mr. Sarda has said above, you will have to get the form 15 CA and 15 CB from a practicing CA and deposit the same to the bank from where you want to remit the money. Finally, Form A2 is also to filed by you as per the format prescribed by the bank itself.

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