Fund transfer to canada by nri

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(Querist)
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31 July 2012 Sir,
My brother has sold a residential land sum of Rs.15 Lacs and he is residing at Canada (NRI) since 13 years. Now, Rs.15 lacs Demand Draft is with him and he is having a NRE Account with ICICI. He want to transfer the Rs.15 lacs to his Canada Bank account.

The ICICI is asking him Form 15CA & 15CB to transfer the fund. He is also ready to pay the Capital Gain Tax @ 20% which is Rs.1 lacs.

I request the experts to your advice in this regards.

Venkat Rao T.

Arihanth Jain

Arihanth Jain (Expert)
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01 August 2012 Ya, he would require form 15cb/ca for transferring the fund, which is the procedure to remit money outside India via wire transfer.

Not an issue, just arrange for the 15cb/ca from a CA and Bank will remit fund without asking any further questions.