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15CA on money transfer

NISHANT SHAH (Tax Practioner) (235 Points)

19 September 2019

A person (Status NRI) has sold a property in India. Now he wants to transfer the amount received from selling of property to the foreign country where he is currently residing. Does he need to file 15CA Form ? If Yes than under which section? Please guide

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8 Replies

Kapadia Pravin (17259 Points)
Replied 19 September 2019

As per Rule 37BB - terms and conditions / situations for 15CA form

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rahul karke (93 Points)
Replied 19 September 2019

Yes.he needs to file 15CA as well as 15CB

T K Vijith (143 Points)
Replied 19 September 2019

I don't think so he no need to file form 15 CA, When we are making a payment to our NRI vendors only we have to submit form 15CB and CA.... In this case he is transferring his own money from India to foreign... So form 15 CB and CA is not required...

please correct me if I am wrong...

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NISHANT SHAH (Tax Practioner) (235 Points)
Replied 20 September 2019

BUT THE BANK OFFICIALS ARE ASKING FOR FORM 15CA.

T K Vijith (143 Points)
Replied 20 September 2019

You can create yourself ... Login to your income tax website under efile click income tax form there you can select the form 15Ca .....

Is there a A B C and D forms check with your bank which form they need...

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Suresh Thiyagarajan (Student) (3986 Points)
Replied 20 September 2019

1. In your case, it will be considered Repatriation of sale proceeds of Immovable property in India by NRI.
2. RBI has issued a notification in this effect dated July 1, 2013. Detailed conditions and procedures are given for repatriation of sale proceeds of the Immovable Property in India.
3. It will not be a mere remittance of money to foreign account but rather it will be covered under the above notification.
Please go through the notification before making the remittance.