Hello, We sold our apartment in India last week. TDS of 22.8% is paid by the buyer to the govt revenue dept. I want to repatriate rest of the sale amount from our NRO account(rs) to my US $ account. I know that we need to get CA certification - 15CB and 15CA from CA and submit it to bank and fill another form in the bank to repatriate it. Question is the time it takes for the CA to certify : Do CA take until March 31st (end of the tax year) for CA to certify? to get the certification 15CB, 15CA ? which means the money will be repatriated only after tax year March 31st? My uncle had also sold his site last august 2020. He can repatriate the money to $ only after march 31st 2021? That doesn't sound right. please advise. Thanks Vinay Shivaiah
Hi Vinay
No, that isn't correct. The CA shall certify once due taxes are paid for the capital gains transaction.
You need to get the computation of income and ensure that the TDS is sufficient to pay off the due taxes. If additional tax is to be paid, it will be paid first and then the remaining amount can be repatriated to US.
No it is not correct.
- You can transfer funds subject to the fulfillment of the below conditions.
a) Due TDS should have been deducted by the buyer.
b) Registered sale deed should have been executed.
- You are only required to file Form 15CA and not Form 15CB. Filing of Form 15CB is a liability of buyer. You can collect Form 15CB from buyer and submit to your banker for due deduction of TDS. Other form is foreign remittance advice. Filing of Form 15CA is your liability, it does not need any certification from CA. Form 15CB is issued by CA which is not applicable in your case. File Form 15CA carefully with correct selection of the purpose code i.e. correct nature of source of funds and correct nature of remittance abroad.
- Also collect TDS certificate from the buyer.
- Check Form 26AS whether correct amount is reflecting or not.
- File ITR-2 in India in the month of July 2021.
- Deduction of correct TDS is a liability of the buyer.
You can contact personally for detailed discussion.
15CA, CB does not take much time. It can be issued in a day. Also, you need not wait till 31st March to repatriate.
It can be done now.
Dear Sir,
Hope you are doing well !!
No, that's not correct.
It can be done in day once the due taxes are paid. There is no need to wait till 31st March.
We may assist you in entire procedure.
Hi Vinay
No it is not correct.
It can be done on same day.
