09 May 2022
NRI - Husband and wife sold Flat and sum has been credited in Indian Bank account. NRI status was not declared at the time of sale transaction and buyer has deducted 1% TDS from sale consideration Now NRI wants to transfer funds to his account in Foreign Country
My question is Whether Form 15CA and 15CB is required to transfer funds ? If yes whether Remitter and Remitee will be same since it is transfer of funds Also can wife transfer her funds in bank account of her husband and husband can transfer full proceeds to his account in Foreign Country ?
09 May 2022
15CA and 15CB required, yes, still it's required in such a case. Yes, such transfer allowed. First apply to international taxation division at Delhi and pay applicable capital gains tax and then transfer funds.
09 May 2022
After deducting indexed cost of acquisition from sale proceeds there are no capital gains and there is long term capital gains loss. Then also i should apply to international taxation division at Delhi ?? Also can wife transfer her funds in bank account of her husband and husband can transfer full proceeds to his account in Foreign Country ?
CAclubindia
