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It is very important for NRIs as well as Chartered Accountants to know the differences and familiar with the changes.

Information in Part A of the Form 15CA is to be furnished if the remittance does not exceed 50, orin aggregate in a financial year.

I live in Canada and recently transferred a property from builder to a buyer, no registry was done. August 1, at 7: There is no service tax but TDS.

NRO to NRE transfer Update: 15CB/15CA required for Both “Taxable” and “Non Taxable” Transfers

What does this all mean for NRIs?: For Part B of the Form No. While Form 15CB kept the basic information the same, such as name, address, country of remittance, amount of remittance, bank details, nature of remittance, etc.

NRIs may also be at the mercy of the bank employees, who may not be aware, not have sufficient knowledge or experience of the new procedures.

Segregation of Payment and related procedures: The rules and procedures have been revised again. Only three natures i loans to NRI, ii remittance by non-residents towards family maintenance and savings and iii remittance towards personal gifts and donations, are useful for normal NRIs that are included in the specified list.

The revised Form 15CA has 3 parts. Please check with your CA. While there is no change in the procedures, the Form 15CA has been revised.

Bank has delayed the overall process and is now asking for a refresh of 15CA and 15CB in order to transfer a lesser amount that I originally requested. Do I pay still have pay capital gain in India while I have reported and paid due taxes in Canada on capital gain from a property sale?

If TDS has been deducted from the payment, you are allowed to transfer the funds. In addition, the remitter needs to certify that the income is not chargeable under provisions of Income-Tax Act and is not liable for TDS and does not require a certificate in Form 15CB.

As sale of property is a taxable transaction and as CAs are authorized to consider the tax treatment, a CA certificate is required. I think you booked an apartment but not registered but then found a buyer and then registered the property in his name directly and received payment from buyer.

You can claim the tax paid in India as credit in Canada but you first need to pay tax in India. Yes as the bank does not know whether you earned any money and paid tax on the same.

The buyer whom I sold the property inhas been asking for Rs 50, that he claims to receive as service tax and pay to the IT. It pays a lot if the transaction is properly understood and planned. If you had cancelled the property and builder found a buyer, it would be easier as you could show this as a refund of money.

Chartered Accountants would have to be EXTRA careful as they would now have to research in detail with income tax section and DTAA article number and provide specific detail, thereby increasing the responsibility of determining taxability of remittance.

It has two sections. I am in general very frustrated with the amount of documents that are required for repatriation of my own money where bank has all the records ICICI to ICICI bank transfer — proceeding from a flat sale.

As the property is in India, your primary liability of paying tax is in India. Section B is to be prepared as per the certificate of the accountant and has all the details as included in the Form 15CB as explained above.

This could increase the time and cost to issue the certificate. For NRIs, who is remitting the money abroad or transferring the funds from NRO account to NRE account, will need to follow the revised rules, furnish the updated forms and complete the new procedures from October 1, They delayed the whole process for some other requirements never ending.

They are not looking at it again after the escalation. The procedures and forms are different for each category. My NRO account received that money. Understand new procedures applicable from April 1, For such remittance, NRI will be required to certify of its taxability as mentioned earlier.

The specified list specifies 39 nature of payments and also mentions the purpose code for each nature. If the payment does not exceed Rs.

One of the important changes made by the notification was to reduce the requirement of a Chartered Accountant CA certificate in Form 15CB for certain payments.Lay files on the Staples Black Wire Mesh Stackable Letter Tray to keep them organized or let others know important paperwork requires mi-centre.com: $ Wire Transfer money to India: Axis Bank provide Safe and Easy ways to Wire Transfer money to India easily.

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Write a check or wire transfer for gifts
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