Form 15ca form 15cb

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2015 My friend is an NRI and has sold a property in India jointly held with her husband.
The buyer deposited the money in the NRO account of which she and her father are the account holders.The TDS was not done on Long term capital gain.She now wants to transfer the money in the NRE account.There are 2 NRE accounts.One in her name only and one in the name of her husband.
The bank is asking for 15CA and 15CB.However since tax was not deducted when the Tax should have been deducted,what recourse does she have?

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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09 April 2015 You can remit the fund to outside India, subject to payment of full amount of tax before such remittance. For the purpose, you shall have to obtain certificate from practicing chartered accountant in Form 15CB.

CA will ask you, before signing the certificate, to pay full amount of tax on such income. Once, you submitted the proof of tax payment, then only you will receive the form 15CB.

The form 15CA is an application by you to the bank, for remit the money outside India. Form 15CA shall be file along with form 15CB.

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2015 Thank you Sir.
But now the proceeds are credited in her NRO Account.This account's co-holder is her father not husband..
Her income is not taxable as she is a housewife. Also she wants to transfer the money in her husband's NRE account abroad.
The property is in the name of husband and wife.
Can we use clubbing provisions and tax the entire amount in husband's name? Will this amount be a self assessment Tax?
Form 15CA has to be done by the buyer of property..There are 4 buyers so whose details do we put in the FOrm 15CA and 15CB?
Kindly guide.

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CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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11 April 2015 1. The property was owned by husband and wife both, therefore, clubbing cannot be done. The sale consideration shall be divided between husband and wife both.

2. Tax liability also computed separately.

3. It is not be self assessment tax. It in the nature of advance tax. Because, you are paying in advance.

4. Form 15CA & form 15CB shall be prepared by person who wants remit money outside India

5. You can contact me on 9980195919 or mail me on shetty@ssrshetty.co.in in case of difficulties.

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