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Query: Can NRI directly take the sale proceed of Property sold in India in NRE Account, in the form of DD / cheque from Buyer?

Category: Income Tax

Answer: One NRI has sold a property in India and takes DD (net of TDS). Now want to deposit these DD in NRE account directly. For which 15 CA / CB required. What should be selected as the purpose of remittance and purpose code?

Date Posted 18-Oct-2019
Posted By Admin
Views: 593



Admin On 27-Nov-2019
Sale proceeds of Property can not be deposited in NRE account directly. First the Funds need to be transferred to NRO account. For transfer of funds form 15CA / 15CB required. If funds to be transferred do not attract tax then no need to file form 15CB (which is bsically a certificate by Chartered Accountant) and form 15CA (part D) is sufficient which is basically a declaration by account holder.

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