am OCI card holder U.S. citizen residing in India continuously for last five years having NRO(savings)and NRE accounts with you.I have rental income from my commercial property. My tax consultant has declared in the 15CA form the residential status of remitter as 'Resident'.I am at present repatriating Rs.90000/- from my NRO savings account to my NRE account.Aggregate amount of remittance including this 90000/- in the present financial year is Rs. 140000/- and as it is less than Rs.500000/-Form 15CA has been presented to the IndusInd branch.The branch is asking us:
1. to write our residential status as Non resident (Which is not true as I am residing in India for more than 182 days).
2.Bank is asking us to furnish a certificate of chartered accountant stating it is all tax paid money.
Our tax consultant said that once we exceed Rs.500000/- limit we will submit the necessary Form required and the certificate as required and comply with the requirement.
In any case we would like to do the right thing.Previous transaction was done by filling Form15CA with the branch and it was done without any hassle.
Now we need your expert opinion so we do not make any mistakes.Kindly advice us at the earliest.
Thank you.
1. Do not quote wrong in any statement. Give last filed ITR copy which might have been filed under 'Residential' status.
2. CA can write to Bank about non applicability of any formalities under law, which may have been wrongly demanded by bank.
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