Form 15 ca&15 cb

This query is : Resolved

jayam (Querist)
Follow

19 November 2013 Whether Form 15 CA & Form 15 Cb required for credit of A loan by a bank to NRO SB a/c and the repatriation of the same to NRE A/c by the assessee.If so whether it need to be filled in Part B.Then what is the purpose of including the S0011 (Loans extended to non residents) in the specified list w.e.f Oct 2013.Rule 37 BB exempts the specified list cases from filing 15 Ca.Please Clear my Doubt Friends

Arihanth Jain

Arihanth Jain (Expert)
Follow

22 November 2013 This is among few odd set of form 15ca/cb compliance cases. However being a non income item I strongly believe that form 15ca/cb is not necessary, though the law is otherwise as follows:
a. S0011 is for loans made by a R to NR, 2 different persons.
As the remmiter itself is the receiver, we cant claim this.
b. As the payment does not fall under specified list, 15ca/cb is necessary.
c. Assuming payment in excess of 50000rs, Part B is applicable.

Hope useful.
Arihanth Jain