I had booked a flat in Hyderabad in for a sum of 87 Lakh which was duly paid over the course of 4 years to the builder.
Mau tanya suhu kalau lihat berita dari investing. Kira2 berapa lama saya harus menahan posisi saya ketika sudah profit? Fxprimus itu broker yang tidak teregulasi benar loh sebenarnya, dan juga bisa menerima media2 pembayaran yang ilegal, jadi itu tidak aman Bu.
Bisa baca ini ya mengenai cara pemilihan broker itu harus seperti apa: Cutloss saja Pak, sebab kalau dihedge begitu saja, itu sebenarnya menambah beban anda loh, belum lagi kena biaya swap. Pelajari ini Pak untuk risk management: Kan aku liat berita Forex di ForexFactory.
Tolong berikan saya penjelasan seputar berita di situ Pak. Hasil berita itu memang bermacam2 Pak, intinya kalau hijau itu bagus , kalau merah itu jelek, tetapi tidak bisa beracuan pada begitu saja ya. Terima kasih atas jawabannya Pak. Tetapi kalau misal ada berita yang High Impact trs antara Forecast dan Previous, nilainya sama. Berarti kemungkinan menguat apa menurun mata uangnya Pak?
Iya terimakasih brokerforex atas informasi dan sarannya, setidaknya sudah dapat gambaran mengenai titik rendahnya. Mau tny pak Broker. Sy newbie d forex.
Misal pair GBP warna merah tanda pair gbp menguat. Harap membaca dengan seksama ya penjelasan di artikel tsb. Betul Pak, atau kalau di FF maka bisa diset timezonenya dengan klik di link jam berjalannya di bagian tabel atas dari kalender ekonomi tsb di bawahnya this week.
Salam kenal pak, mau bertanya sebagai pemula dlm trading. Apakah FBS broker aman? Apakah broker dibawah pengawasan bappebti itu aman semua ya pak? Atau ada yg ga aman? Mohon refrensi broker yg aman pak? Dan brp nilai minimum depositonya.
Tidak Pak, sebab dia sebenarnya broker non regulated loh dan juga bisa pakai media2 pembayaran yang ilegal baca ini juga: Kami sarankan untuk baca2 ini Pak http: Tickmill teregulasi di FCA 3.
Saat ada news, saya berhasil dengan Buy Stop dan Sell Stop, 10 menit sebelum news. SL saat entry Sell Stop. Periksa pula apakah ada berita lain untuk mata uang tersebut di jam yang sama atau yang berdekatan waktunya, yang hasil actualnya saling bertolak belakang dengan berita tadi?
Sama seperti halnya belajar menyetir mobil atau sepeda motor yang harus fleksibel, dan setiap orang pasti berbeda. Kalo kalender ekonomi dari situs resmi sofware meta trader bisa dijadikan acuan atau tidak? Sebab itu lebih logis. Untuk teknik scalping,menurut bapak rekomendadi SL dan TP perbandinganya berapa pak.
Dan juga tolong dijelaskan alasannya. Kalo mungkin ada grup chatingnya bisakah saya gabung pak. Kami tidak ada waktu Pak untuk membuat seminar, sebab untuk membuat seminar itu butuh waktu yang banyak untuk melayani, dan kami tidak berminat mencari uang dari seminar tsb.
Notify me by email when the comment gets approved. Broker Curang atau Tradernya? Masuk ke akun Anda. Memulihkan kata sandi anda. Friday, October 5, Klik Disini untuk Membuka Wawasan Anda. Pilih broker yang tepat, dan kredibel. Karena teknik ini memerlukan broker yang berkualitas dan aman. Karena pergerakan berita adalah sangat cepat dan dinamis, jadi memerlukan broker yang bagus. Bukalah web informasi forex yang terdapat kalender ekonomi internasional economic calendar , biasanya kami pribadi menggunakan perbandingan informasi dari 3 situs ini, yaitu di: Mengapa 3 situs ini?
Lihat tanggal hari ini dari masing-masing kalender ekonomi tersebut, dan cocokkan. Jam Waktunya juga jangan salah! Please confirm if Form 15CA is necessary. I would think the payment may be considered as a fees for technical service and you may also have to deduct TDS. However, I would recommend you to contact your CA, provide the agreement and then ask him to make a determination for taxability and TDS.
Now I have sold the property and and the money is in NRO account. In your case, it may not be required. Also, your CA would know how to fill the form. Our company imports machine spare parts for use in our own factory. Do we need to deduct tax at source from payment to importers China.
For example you would want to transfer Rs. For conversion into other currency, take your best estimate based on published rate. They sold a property in India and since the husband did not have an NRO account in India,the entire proceeds were credited in the NRO account of the wife.
Now she wants to transfer the money in her NRE account. I observed that I would have to show the capital gain for both spouses and fortunately there is a short term capital loss. Also CB point no 8 asks about a the relevant section under which remittance covered and also d the basis of determining taxable income and tax liability.
What has to be mentioned there? Assuming property was held I would suggest for husband to open a bank account, transfer his share to his account and then transfer from NRO to NRE individually for husband and wife. Please high light and guide thanks.
Please contact your bank and request transfer of funds. You may have to give a declaration. Also, your son needs to declare the gift received as foreign gift to IRS. Hi Jigar, This is great info.
Couple of questions — 1 I moved to UK couple of years back before which I worked for 7years at the same organization in India. Can I transfer this amount to my NRE account?
Will there be any tax implication? You just inform your bank and wire the funds out to UK. There is no limit. From the same 15CA, payment can be made later within reasonable time about 1 month or even more depending on the bank, sometimes also months. As long as bank is okay with 15CA, payment can be remitted abroad.
There is no withdrawal of 15CA. I ideally want the funds to be transferred to my UK bank account. However, unsure about 1 whether the TDS needs to be deducted by the individual who is buying my shares or the bank, and 2 whether I can get it in my UK account or I need to necessarily route it through my NRO account.
You input would be much appreciated. I suggest you contact your CA and also ask your buyer to contact his CA for compliance. Amount more than Rs 15 lakhs approx. You may give the loan on repatriable basis to your close relative but certain rules needs to be complied with. If you loan is on non-repatriable basis, the funds can be credited to NRO account. Our firms needs to send outward remittance in us to a company for database access.
Would tds be applicable for this transaction? I would suggest to check with your CA who needs to review the agreement and the DTAA between India and the country where the company is from to determine if TDS is required to be deducted or not. Your blogs are very helpful for aspiring professionals like us. It will be great if you can help me in my query. Is it lawful if NRI compute and pay taxes on his capital gain instead of doing above process? In this case he will end up paying very less taxes as compare to above.
Can 15CB be issued for repatriation of sale consideration based on payment of capital gain taxes on it? The AO certificate is not mandatory and if the capital gain amount can be fairly ascertained, TDS needs to be deducted only on the capital gain amount. Hello sir, I am an NRI married to a local.
I have a property in mumbai, i would like to take a loan of 50 lakh INR via the bank over the property and transfer the funds back home to my account or my wifes account. How should i go about it? One of my client has taken buyers credit from us which was arranged from JP Morgan Singapore, now while repayment his CA states that form 15CA CB is not applicable to them and is refusing to give.
How to Cancel Form 15CA. The latest submitted form will be the final one. I want to re-issue a new form. So whats the procedure to re-issue a fresh form and cancelled the previous form? Awaiting for your reply. Please confirm if the amount in 15CB or 15CA or both forms is wrong. If only 15CA, you can re-submit with a note that it was corrected. If only 15CB, please revise 15CB.
If both, re-issue 15CB and resubmit 15CA and make a note of the same. You may also send a physical request to the concerned ITO informing about the fact that the payment is only one but form submitted twice due to error.
I suggest you check with your bank. Sir I have a query. Our Company have remitted money abroad for professional services after deducting applicable TDS. Can we file the form 15CA belatedly now?
The 15CA has a date and the proposed date of transfer need to be the date of submitting 15CA or later. I would assume that you would already have 15CB and submitted the same.
If not, bank would have taken a declaration from you about the same. I would suggest you to contact your bank to understand how the transaction was completed and then determine the next steps, which may be to file 15CA or approach the income tax officer or do nothing. Its a private ltd. What route can I opt?
Do I need to declare this here with any government body? Do I need CA certificate? If so, under what heading I need to declare this? Is it Indian investment abroad in equity? What all paper formalities need to be provided to bank so that they can do this transfers?
And, I think a CA certificate may be required. I would suggest you to contact your CA and your bank for the transfer. I am a Chartered Accountant. One of my clients, who is a senior citizen, had sold a house in FY: Thereafter she invested Rs. Now she has got the refund of the amount invested in bonds and has also paid tax on the interest earned thereon. I am able to verify from the documents produced that tax was actually paid though by mentioning wrong assessment year.
Can I issue Form 15CB? Only interest is taxable. However, if you have to issue 15CB and if you think the tax has been property paid on sale of property and the interest amount of capital gains tax bonds after verifying the assessment orders, you may issue 15CB. However, I would try to convince the bank to transfer without 15CB. Hi, My reltive is NRI. He had later demated the shares. Now he has sold a part of his holdings and broker has given him a cheque. What is the way out? If he does so and later after say two years wishes to remit the funds abroad then what are the procedures and and what can be the hurdles?
It appears that the investment was made as a resident. There is no NRI account. If they are not convinced, you would need to provide the documents that they need. I would think that the name on the forms would be minors only. However, the signature would be of the father. I suggest you to please check with bank as they would ultimately transfer the funds. There is no reason why not. However, I think you would need to put the seal of the CA firm. The 15CA can also be signed digitally.
I am doing this for the first time, i am moving to Australia permanently and I want to transfer 1. Please explain to me the procedure.
You are allowed to transfer. Please contact your HDFC bank for the procedures that you need to follow.
Below are few points that i needed your views on. I plan to sell my current home in India that i had bought in before I came to US. I want to transfer the amount from the sales to US so that I can buy my first house here. What documents would i need to show to ensure i am not taxed again in US for the amount transferred and also avoid any IRS hassles. No deduction or exemption for acquiring house outside India.
You would need to declare the sale of property in your Dear Sir, Please help your suggestions. I am planning to sell my apartment in India which I had purchased back in before becoming a NRI. Here are my questions. Do I still have to file 15ca and 15cb?
Can I buy a home in US with the sale proceedings in India and remit this money without paying any tax as I am utilizing the money for buying a home? I am a first time home buyer in US. Last scenario, If I have to get all money back to US paying all capital gains tax, do I have to go through CA in India or can I do the filing online and pay the income tax dept online? It is for persons who are residents.
In your case TDS Please ensure that you contact your residential status to buyer and also mention in the agreeement. It is your responsibility to communicate your residential status to buyer and it is his responsibility to deduct TDS at applicable rates. The buyer would want to deduct TDS From this year, you would not be allowed any deduction from capital gain for buying a property outside India.
I would suggest you contact your CA as he would be the best person to explaining 1 and 2 as well as issuing certificate 15CB, filing 15CA, liaison with bank for actual transfer to USA in 3 and filing tax return after the year end after March 31, by July 31, If you do not have a CA, please contact us and we would be happy to help.
Thank you very much for the reply and suggestions. Do you also have services for Tax filing in US? We support US tax preparation and filing. We are not allowed and do not file US tax returns. One of my friends company has to transfer USD for the technical services provided by the UK company.
If so how can we deduct TDS on foregin company who has provided services outside india. Payment for technical fees would be taxable in nature and TDS would apply. And, 15CB would be required. Thanks for the information. Also, if you agreed for the net payment to the service provider, you may need to gross up the payment i.
My client has taken advance in EURO before 3 year and the same has been shown under adv. Now my client has to repay this amount. I just want to know whether 15CA and 15CB required. I am surprised that any company would pay advance and then forgets for 3 years. Anyway, if what you say is right, it may be covered by the specified list 27, RBI code S related to Refund or rebate or reduction in invoice value on account of exports.
Payment more than Rs2. I suggest you consult your CA. Sir, we have to pay our client at UK for the first time. Without any information, I am unable to properly explain the requirements. Please contact your CA. My client is an Individual. He wants to go to Maldives for Personal trip. Should we witheld tax. If Yes at what rate? Please contact your bank and your CA. If it is not taxable, the basis of determination and calculation of taxable amount needs to be included in 15CB and 15CA.
Thank you Sir for your reply. Sorry I missed your reply and reposted the query. Kindly ignore my recent query. I think it will be covered under the any other payment and TDS at TDS rates can be found on the incometaxindia. Ask your bank to convince your CA or ask your CA to convince the bank. The important part is that money is transferred. My client is an NRI who is having income in india and has been regularly filing his returns.
Because the remitter and remittee ar ethe same there is no TDS to be deducted. So while transferrring the funds , do i have to pay any taxes on the fnds being trasnferred?
The assessee will be filing his returns next year as well. Same remitter and remittee does not mean no TDS. Only after TDS is deducted or tax is paid, money can be transferred. Recommend to contact the bank for the exact procedures. Is payment of advance tax sufficient in that case?
Bottomline, there should not be any outstanding tax. If you are confident that the tax paid is sufficient to pay his tax liabilities, it is okay. Thanks for a very useful and clear article. I have a question and wonder if you could guide me please. The source of the money has been my single permanent job with a European company.
All the money is totally white and all the taxes were deducted at the source. Since then, I got British passport and now live in India. Act section in the 15CA part B, even though all the taxes were paid already in London? That would be useful. Like you mentioned, even the Bank staff are not aware of the exact details.
You need to maintain Resident account only. If money is already in NRE, there is no requirement of certificate thereafter. For non-taxable transfer, the tax section does not apply and you do not need DTAA benefit. Shall i deduct TDS and at what rate?
Forms 15CA and 15CB is required or not? Consulting fees is a general word and you would need to determine whether it is a fee for technical services. Also, the nature of fees, where the consulting was provided, country, etc.
If taxable, the TDS needs to be deducted as per the TDS rates mentioned in the income tax act and can also be found at http: Can you confirm if we have got export business from a foreign client, can we pay commission to him, if yes, what is the percentage limit against the invoice value? My bankers have not asked for form 15ca or 15cb.
Is it compulsory fill for any outward remittance. The comission may not be taxable and TDS may not be deducted based on the recipient and your agreement. One of my client had taken a buyers credit from State Bank of India, London. Now it wants to remit the principal and interest to State Bank of India. Whether it needs to deduct witholding tax on the amounts. Your bank would know as they would have experienced such transactions earlier.
You may not have to deduct TDS as the payment is made to Indian bank. However, you would need to check the constitution of the SBI, London. Usually, the banks are set up outside as branch and not subsidiary company as a result while it is located in London, tax treatment as if it is an Indian company may apply.
However, check with your bank. Some time it is more due to interest accrued not taken in 15 ca and some times it is less. In case of any difference, the lower amount may be remitted. However, it would depend on the bank and the bank may insist that both amounts be same. In that case, you may get another CA certificate or file 15CA.
You have not got my point correct. There is no difference between the amounts mentioned in Forms 15ca and 15 cb. The difference is in the amount remitted. Actual amount transferred includes interest upto the date of transfer resulting in a higher amount than what is mentioned in 15 ca 15 cb.
If the money is already remitted, it is gone. I am exporting Organic Food from India and have to pay commission to the broker. Will it going to be a problem from the RBI side? A friend of mine, Ashish lives in Australia. He owns a land here in india which will be developed by my co. Everything will depend on the ownership structure, structure of the deal, agreement between you and your friend as well as the buyers. I would recommend you to talk to your CA or an expert in the field to understand the income tax and FEMA provisions and compliance requirements.
Let us know if you need any help in this matter. I wanted to pay USD to Foreign country from our company current account as operating fees against vendor invoices.
Also advise the limit of Rs. Or else only limit is prescribed only for Foreign Vendor. For Indian vendor, you would pay in Indian rupees. Sir, Thanks for your reply. It is mandate to submit the forms if remitting from a NRO account. Only on this basis I was able to open my NRO account.
I have already submitted all the required documents, including a separate Chartered Accountant Declaration certificate, for the Will money from my demised sister. What is the best option for this situation. Thanks you very much. Now whether TDS needs to be deducted on the same. For both the cases limit of amount of Rs. So will I need to deduct TDS and at what rate. Please advice and thanks in advance. The arrangement or agreement of the transaction needs to be looked in detail.
Please contact your CA, who will know. Now I want to repatriate the total to my Canadian Bank. Is there any way around it? Banks are authorized by RBI to transfer the funds after verifying that tax, if any, have been paid for any bonafide purposes within limit without any prior approval from RBI.
Now, the question is — who will decide whether transfer is taxable or not. So banks ask for CA certificate. A CA certificate may also be given not in 15CB format. I am the OCI Card holder. I am receiving Salary in India from which tax tas been deducted. I want to transfer surplus amount of Rs. Before Bank remit the funds, Bank need to be convinced that Taxes, if any, have been paid. They reply on the CA certificate for the conviction. However, you may try to convince the abnk with TDS certificates that taxes have been deducted, it would be on bank whether they remit or not without 15CB.
Thanks for your reply. I think nature of income shuold not be the basis for issue of Form 15CB. There is no Place or option whether AMount remitted is tax paid or not. I have just opened a investment holding company in Labuan Malaysia. My income derived as director fees from the company as non resident is not taxable in Malaysia. What i want to know is what is the best way to get this money into India and is this income taxable in India considering the DTAA between India and Malaysia.
The most important would be whether you are a resident, Not Ordinary resident or Not Resident of India. If you are a non-resident, any income outside India is not taxable in India.
I want to know whether the procedure of sending hard copies to income tax department by AD Bank is being dispensed with. Is there any notification from Income Tax department for not submitting the hard copy to IT department. I am not aware of any changes in reporting by Bank to Income Tax department.
Bank would send other documents. Who is the remittance in this case? Is TDS is applicable on this amount?
As the sale is not on exchange, STT would not apply and the long term capital gain would be taxable and TDS would apply. Valuation and determining price per share more important. Dear Sir, We are a software company in India and provide software development and consultancy services to a university in France. We receive a sum of around euros monthly. We have to send this commissions regularly to them, so do we need form 15 CA and form 15 CB and whether the commissions are taxable?
Assuming the french company has no PE in India and it may not be taxable. The specified list as included in the CBDT notification. When i send the form 15CB to my ca. He demanded tax residency certificate before signing it. So plz confirm me whether tax residency certificate is mandatory to obtain fron foreign Company for signing form 15cb.
I have purchased a house from nri and have deducted tds under sec I am making the payment in inr in his nro account. Do i have to comply with 15ca and 15cb. I reside in Sri Lanka and indent certain commodities from India to some of the buyers in Sri Lanka for which I receive commission payments from my principals in India.
Each payment will be in excess of USD and I have received Form 10 F and Residency Certificate to be perfected and returned to the principals to receive the commission payment without any deduction. Kindly advise if a copy of my Sri Lanka Passport is acceptable for this purpose and if I am not a tax payer in Sri Lanka, what will be the percentage the Indian authorities will deduct from my commission payment transfer?
However, please confirm if you have a PE in India or not. Also, whether you work as independent agent in Srilanka, or on behalf of Indian principals also whether exclusively. If you had been receiving commissions before without TDS, you may continue to do so. Respected Team, i had transferred some funds back to india in my NRE account in india, then i took it out for family expense and purchase. Please provide us the purpose of remittance. You would need to understand the query raised by IT department.
Please contact your CA and understand. If you have truthfully reported all your income and paid the tax, you do not need to worry. Only interest is your income. The Principal is your after tax money and not your income. So, if you invested 60L and got 65L, only 5 L is income.
Transfer of funds from your one account to another account is not an Income. I had a question i am NRI currently living in the GCC Country and have taken a Loan from India, i have paid all the payments for taxs and transfer fees now i am told before transferring the loan i need to pay for a certificate and was wondering if this is correct? However, the nature of transfer needs to be determined i.
No proof is required for crediting into NRO account. However, bank may ask sometimes for unusual transaction or amount randomly.
I have sold a residential house property in India. All the taxes have been duly paid. I want to repatriate the money back to the US. Yes, Please contact your CA and he will help you for the same. I had payed the taxes on that money when I was employed and still paying taxes on the interest earned on that money. After converting, I plan to repatriate that money. The money can be transferred only the income tax, if any, has been paid.
As bank would not know, a CA certificate would be required so you would need to have your CA issue a certificate in form 15CB and file form 15CA to transfer the funds. He recently sold a property in India and transferred the funds to NRO account.
Now he wants to withdraw the said funds from NRO account and give the withdrawn amount to his friend in India as Unsecured loan. Can you just brief me about the procedure to be followed in this case?
I would assume the TDS If not, please pay the income tax on sale of property to the Indian government before next advance tax date. He would also need to file the tax return. He may loan to his friend. However, conditions relating to loan on non-repatriable basis term, use, rate of interest,etc.
I remitted funds into NRO from abroad and do not have any other funds lying in that account. Please check with your bank as you would need to provide forms and complete procedures as required by the bank. You may also consult your CA. I have taken loan in nro from Lic which needs to be transferred to nre,pls confirm tds which needs to be deducted. I have sold my property in India on March ; However within 6 months I have took another property in India.
Now I have some savings in India account. It is your responsibility to tell the buyer that you are an NRI living out of India. If you hide the fact and only indicate that you are a resident, it is your responsibility. If you tell him your NRI status and indicate the same in the agreement, you have done your duty and it is the responsibility of the buyer to deduct The property was originally owned by my grandfather and then by my father and aunt jointly inherited.
The share certificate was transferred to me and father in However it was not registered. We are going to register and sell it this year. Will it be short term or long term? I would need to review the agreements or deed or any documents for us to guide you better about short term or long term gain. My son is going to USA under F1 visa for higher studies. My son is a major and holds PAN card. Your son would be an NRI after he leaves India.
Thank-you for your helpful comments. A written MOU will be exchanged for treat this money transfer as loan. And in case of Gift do we have to make any document for record? If yes does it have to be on a plain paper or some Stamp paper? Plain paper is okay. Signature of both is required. No tax implication on interest free loan in USA on uncle or your son. Thank you for enlightening us.
My son will open a savings account in USA and may hold some fund in the account for his general use. Though very small proportion, but he may earn interest from saving account. Will he have to pay tax on such interest earned? If yes what is the tax slab? More over he may also earn from his on campus work or from teaching assistances. Does he have to pay income tax on such earnings?
Your blog is quite helpful. I would think so as how would bank know the source of funds. I would recommend you remit funds to your NRE account and then gift. Sir, my brother have purchased property from NRI.
Whether my brother purchaser should file Form 27Q TDS deduction statement showing transaction and certificate no?
It is okay if his CA would issue the same. As no deduction was made, no need to file the form. You can confirm with the CA. My husband who is also an NRI has inherited an amount of 25lakhs rupees from his mother. He wants his mother to transfer this amount to my NRO account.
I would like to know if the total amount can be deposited to my NRO account in one instance or is there a limit to deposit in my NRO account in one instance.
Will it attract tax? If so how much. Inheritance is received after the death of person. During the lifetime, it is called gift. Also, gift to daughter-in-law would attract clubbing provision under income tax act. I would not advise to transfer to your account. However, if the transfer is being made after death under WILL, it would be okay. After few weeks I am planning to dispose my property in India and thinking to transfer the money to NRE account.
I am an NRI and purchased a property in mumbai sometime back. As my parents were living in the property I put their names too as the owner of the property along with my name. I subsequently sold the property and both my mom and myself invested in REC bonds to claim tax exemptions. My mom has recently moved abroad with me but still files her income tax in India as a resident Indian.
My taxes in India are filed as an NRI. I now want to transfer the full amount of the REC money on maturity my moms and my bond money along with any interest to my account abroad. I will be able to get a form 15CA and CB issued for both my mom and myself. Am I able to do so? However, I am not sure how this is facilitated. Can she directly transfer the money to my NRO account in India from her savings account. I can then transfer in one remittance the full amount from my account to my account abroad.
LRS is only for residents. There is no need to gift the money. She can remit funds in her name and transfer to her bank account outside India. I had some old savings in India with my mother. She passed away in and I transferred the money to my NRO account. Please consult your bank and follow their procedures. Please try to convince them. If not, you will have to provide the same to the bank with fund request letter to transfer funds.
I am an NRI. But I have transferred this amount back to NRE in How can I claim the tax return on this NRO. For how long I have to file this? You have 2 years to file your tax return and claim refund.
You are allowed to claim your refund for upto 6 years. Please consult your CA. However they also need source of funds. You would need to understand the details, especially whether payment is taxable in nature or not as per Indian tax laws.
If not, 15CB may not be required. If goods, it may not be taxable. The form 15CB needs to be filled up by him. He will guide you about transfer of funds to NRE. I would also suggest you to contact your bank and understand the procedures. SIR, one of my friend wants to remit funds to usa, he has obtained the funds by will or we can say these are inherited funds.
Technically, your friend would not need. However, the bank may not agree so you would need to convince the bank. Which purpose code would be required if its transfer of Rental Income from property in India for 15 CB or 15 CA certificate after selecting income from immovable property as per Income Tax Act,?
Sale of ornament is a taxable transfer so I would say yes, 15CB would be required. Mother can gift directly from her saving account to your account in your home country. The requirement of forms and documents would depend on the bank. MY dad with my power of attorney sold one of my property in india with no capital gain and the money got credited to our savings account.
CA needs to be careful how 15CB is to be issued. For NRIs, it is However, you would need to understand the source of funds in NRO account and use the purpose code accordingly. A very good morning. Very useful inputs with respect to new amendments from April As per RBI circular,it comes under serail no. S which is part of 33 items exempted.
If yes, the above serial no. Could you kindly throw some light? However, bank may not agree to remit under S NHAI bond exemption was for sale of property now. If after 3 years on maturity of NHAI bonds , you invest and then sell after 3 years, the capital gain is on the newer property. As you only invest the gain amount, you would still need to invest again to save capital gain tax on newer property.
One of my client who is a foreign individual worked in India for the period He withdrawn his PF amount and deposited the same in his bank account saving account in India in Bank credited interest on the same fund without deduction of TDS. Now he want to transfer his complete fund to his foreign account.
Interest earned for all the 4 years — is within the tax free bracket, around Rs. Should TDS be deducted while transferring fund to his foreign account. Only then he is known as NRI. The rules are different for residents and NRIs. Please check my latest blog. My queries are as below: If yes, what should be the nature of remittance in 15CB? Please help in resolving this at the earliest would be much appreciated.
I think there are stringent requirement for NRIs to give loan to private limited companies. Without regard to A above, 1. Dear Sir, My client Indian together with a foriegnor, incorporated a pvt company, opened a joint account with federal bank.
I am not sure if this is a current or savings account. Also, if the foreigner transferred funds as a capital contribution FDI , RBI needs to be notified of issue of shares and related compliance needs to be made. Without much information, I would think your client would be able to credit the funds in the joint account from where it was withdrawn, provided it was not NRE account. I wish to repatriate interest earned on my NRO deposits. Is 12 purpose group code and s purpose code correct? Appreciate your guidance Thanks.
Dear sir, One of my friend is having an nro account and he wants to transfer funds of 35 lakhs from nro to NRE. Initially he transferred 20 lakhs from NRE to nro for a property purchase and he sold that property and aftet selling the property got a capital gain of 15 lakhs which to nro account.
Which is total 35 lakhs ,but he wants to repatriate only that 20 lakhs which he transfered from NRE to nro. However, as the money has already been credited in NRO, I think the bank would require the same to be on a safer side. Now wanted to transfer the funds to NRI account and her tax liability shall be less than the amount of tax already deducted. Yes Please contact us if you need any help in filing tax return, claiming refund, NRO to NRE transfer or for tax-efficient investments or foreign compliance.
If it is really for family maintenance, it should go directly to foreign account and not to NRE. I have a car in India and I would like to sell it and transfer the funds to US. I have two questions. Are the funds from sale of car taxable in India?
Are there any limits for non-taxable funds from India to US. Only if it is capital gain. However, usually it results in a loss. Tax is on Income and not on transfer. Pl guide, one of my friend an NRI want to transfer about 55 lacs from his NRO account to one of his relative who is resident of Russia, presently residing in London. Can he transfer this amount without obtaining 15CB. I would suggest to transfer to NRE account first and then transfer to other relative.
In both situations, 15CB and 15CA would be required. If you can wait until April 1, , the procedures are expected to change as per revised notification. Can i get the loan? What are the formalities to be done to Reserve Bank of India. Your advice will be appreciated. Kindly oblige by answering. It is allowed subject to FEMA conditions related to term of loan, rate of interest, use of funds, restriction on repatriation, etc. But she wants to buy agricultural land with this cum of money in her name for her business.
I read that NRI cannot invest in agriculture. So will it be a problem if I help my mother in this venture through a Foreign remittance? Looking at the quantum of transfer, I would assume, this would be in the nature of a loan. It appears that the bank would have deducted TDS on the interest paid to you. Any gift to brother is not taxable in India. Anyway, the gift tax is on receiver and not on giver in India.
I have 2 questions: I need to know if I would need to show it to IRS? Is there any limits applied to this transfer? Do I need to pay any additional tax on this gift? My mom needs to move some additional money to support her from her savings account in India to a joint account in her and my name in US.
Is this allowed and are there any limits applied to it? Are there any additional taxes that she would need to pay for this transactions? Thanks and Regards, Amit. As an NRI, your mother is not allowed to keep resident savings account.
While there is no gift tax in India, you also need to check the gift tax laws of USA as gift giver your mother is a US resident.
In USA, gift is on a giver over a threshold amount unless it is reported to IRS and adjusted against the lifetime gift limit. Please consult your CPA. Any gift from brother is not taxable in India. And TDS does not apply. Also, interest on NRE account is exempt from tax in India. If an indiviual having saving account in india.
There is no tax on transfer from your one account to your another account as it does not generate any income. I am living in Dubai and have nre and nro ac in india. I have transferred the fund to third party from nre account.
Now the third party has paid the same in the nro account with some interest amount. Tax is on income so you would pay tax on the interest received. I accidentally transferred the money to my NRO account. I have transferred more than 10L. I think it would be not taxable. If not taxable, TRC may not be required. However, every company requirement could be different. The funds were received via inheritance in upon passing away of parent and has since been continuously invested in debt based mutual fund on which TDS has been deducted at the time of redemption and now is in NRO acct.
Amount is 55 lakhs. I read the Dec circular and it seems only up to 5 lakhs can be transferred without CA certification. As I said, TDS has been paid on full amount.
Out of these sales proceeds he has invested in the following:. Capital Gain bonds REC bonds to reduce capital gains on property sale 2. Debt Mutual funds 3. It would be really helpful if you can throw a light on how these funds can be repatriated abroad when he converts his local savings account to NRO account.
As an NRI, he is not allowed to maintain local resident accounts. As per current requirement. I would suggest you to transfer the funds in only 1 transaction to save cost, time and procedural hassles.
Please advise, what is best routing to make this transaction? Also, what should be loan duration? Loan to private limited company may not be allowed by NRI. A company may accept deposits under a private agreement. I would not recommend. My client is a non resident and has sold the property in India inherited from Uncle. And which Amount of TAx should I consider? Capital gain or sale proceeds? I have been investing in Indian market and real-estate either writing check from my NRE or withdrawing cash from it.
I am considering making large investments in India in lands and share market; in other words moving major USA investments to India for many years to a decade. I understanding I can write a check from my NRE account and whatever interest learned is taxable in India.
All investments in my name. Few year later when I decide to bring back to USA bank account: If it is only on the profit in this case, should I have to save the transaction in my NRE account initially made during the investment?
Tax is on income only. And, India offers really good investments to earn tax free income in India. Ofcourse, you would have to pay tax as per your country of residence. Tax is only on income so no need to worry. My mother gifted me 25 lakhs as cash and she transferred amount in my NRO account from her account. Is this money not taxable as it is gifted by my mom? Yes, the money would not be taxable. However, you would need to declare the same to IRS as foreign gift.
However, the revised rules are effective from April 1, CBDT notification 93 of dated Dec 16, I plan to write a blog on the same this month. I have been an NRI living in Dubai for the last 10 years. After the maturity in , the proceeds about 40 lakhs including interest were credited back in NRO account. I have declared the interest on these bonds and paid tax thereon. What would be the scenario after April ? The new notification is applicable from April 1, When but I am filling his name in form 15 CA it says that the Remitter and the Remittee cannot be the same.
How to fill the form in this case to avoid such error. Thanks and regards Sonal Khurana CA. Remitter and Remittee can be the same person. Property was acquired when the seller was a Resident; 2. Capital gains on sale of property have been invested in Capital gains bonds;. The capital gain of this policy is tax free. All the premium for this was paid from my NRE account. Now I want to close this policy and want to claim back my money. Could you please help me how can I get a TRC.
You need to check if the redemption of policy is taxfree. I think only redemption on death or maturity of policy would be tax free provided the conditions are met. If you pre-maturely close the policy before maturity, it may not be tax free. They are gifting money for my deposit to buy house in London. Hello — thanks for knowledge share on this topic.
My husband is a NRI based in Netherlands. Please advise if the forms are required or not. My husband will lose out on the course if he is unable to make this payment immediately.
I have gone through your blog several times for different queries and found the explanation and logic very simple for a layman to understand and hence I am writing to you for some immediate assistance. Many NRIs sale property and not pay tax and then remit the funds for one or other reason. If you have money in NRO, I suggest you contact your CA who will complete the requirement and you will be able to transfer the funds quickly.
Whether gift by my sister to another sister staying for about 30 years in USA attracts any tax? It would be faster, easier, and cheaper. What is the procedure.
I suggest you consult your CA mainly because of following points: If you transferred money before Dec. As a result, I would think you knew that the money was being transferred to a resident account.
Transfer of funds to spouse is treated as funds of husband and income is clubbed into the income of husband only as per income tax laws. On capital gain amount. The Question is who will determine the capital gain. If sale of equity or mutual fund or financial securities, the calculation is very easy and TDS on capital gain is deducted. In case of immovable property, it is advisable to obtain lower deduction certificate from the Income Tax Officer.
One of my relatives is staying in USA for over 30 years. She has received some amount in her recently opened NRO Account. The said amount represents the transfer by her sister being a share in the Assets belonging to their father who expired about 3 years back.
Please guide me about the procedure and Tax Implications. If there is sufficient proof available of inheritance, there is no tax. Also, any gift from sister is also not taxable. The money will stay in NRO account only and not be repratriated. The resident is required to deduct TDS before making payment to you. You will need to pay the tax. No ITR was filed then. Whether it is possible now for the Bank to transfer the funds to NRE account or not?
Whether the ITR needs to be filed first or what? You would need a CA certificate that tax on 77L has been paid. As you have not paid any tax, a CA would not issue the certificate and as a result, bank may not transfer funds to NRE. You would need to file the tax return and pay tax including interest. Your case would be scrutinized and then you will be able to transfer the funds to NRE or remit the funds abroad.
I suggest you consult an experienced CA from your city for the same. Which law is applicable in this case indian or foreign? Basically I have NRO accounts with two different banks and I want to put money from one account of my own to other account of my own. I have been doing in past and this time my receiving bank said that it cannot be done. I feel there is a confusion. Please contact your CPA. Hello Mr Jigar, Your website and blog is really a gem. Great platform for knowledge sharing.
What is the difference between these two options What is the limit in USD mentioned in point 1 Are we supposed to tick and fill both the point? My purpose Code is: S Remittance by non-residents towards family maintenance and savings.
SBI is the only bank that has implemented in their procedure and request form. Either you convince your bank, or you provide the required forms. I am a tax paying resident of India. My sons are in USA. One is studying and one is working I would like to remit 50, dollars to each as gift and for maintenance expenese Do I need to file forms 15 CA and 15 CB or I can just remit through my Bank?
If bank has not asked the for the same, that is fine. If yes what are TDS rates. TDS would still be Important to note that bank interest on NRE account is exempt. Any other income from investments made out of NRE account is taxable as normal provision of income tax act. Loan from NRO account for interest — Loan on non-repatriation basis. Loan from NRE account to close relatives of borrower — repatriation basis can be credited to NRE account provided certain conditions are met.
In your case, as loan is from NRO and as interest is received, payment is considered taxable. My client is a NRI. His mother wants to gift him about 50 lacs. Can this amount be directly remitted to his account in US bank? Does this gift amount need to be declared to US tax authorities and is any tax payable in US on this gift? Hello Sir, Thanks for you blog, really helping one.
I have transfer amount to UAE — Dubai for technical service provided to india, whether tax to be deducted, Please request to reply.
Fees for technical service is subject to TDS. I suggest you contact your CA. Also, as per Indian tax laws, a gift received from non-relative is included as income for recipient. You would also need to check the rules related to gift tax of your resident country.