Priya Sharma (Company Secretary & Student.MBA) (998 Points)
29 August 2009In case of transfer of shares from resident to non resident, form fctrs has to be submitted within 60 days of receipt of consideration of funds.
In case of transfer of shares from non resident to resident,will those 60 days be calculated from the date of receipt of consideration by non resident or from the date of transfer of shares by resident??
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 29 August 2009
Dear Ms Sharma,
Form FC-TRS is to filed when shares are transfered by person resident in India to person resident outside India or vice versa.
Para 4 of below circular requires filing of Form FC-TRS with in 60 days from the date of reciepts of amount for consideration i.e. when resident pays to non-resident or vice versa.
For ur ready reference, I have reproduce para 4 of the said circular below;
4. Further, in order to ensure that the form FC-TRS is submitted within a reasonable timeframe, it has been decided that henceforth, the form FC-TRS should be submitted to the AD Category – I bank, within 60 days from the date of receipt of the amount of consideration. The onus of submission of the form FC-TRS within the given timeframe would be on the transferor / transferee, resident in India.
Thanks and Regards
Juzer Sadikot
Priya Sharma
(Company Secretary & Student.MBA)
(998 Points)
Replied 29 August 2009
| Originally posted by :Juzer | ||
| " | Thanks A lot!! |
" |
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