Question ID :
40848
foreign outward remittance
An NRI sells his flat in India , which he bought in 2010.
there is no capital gain after indexation.
Can he repatriate the sale proceeds without paying any tax including the recently introduced TDS on foreign remittances?
IN case there is capital gain and he pays the same , can he repatriate without any further TDS?
He is in U.K. now.
Posted by
Natarajan Janardhanan
on
Sep 28, 2020
Filed Under
INDIRECT TAXES
Bank will insist on furnishing 15ca and CB if the deal amount is more than 5 lacs.even if the capiTal loss situation 15ca and CB must for repatriation of fund .libersied scheme framed by RBI only In terms of cap of limit only but taxation aspect is governed by act only which can only taken care of by CA and based on his certificate Bank will allow such repatriation either directly to fund abroad ie NEO TO NRW
Posted by
DEBABRATA ROY on
Sep 29, 2020
Answer ID :
80760
He can repatriate the sum after filing his return on Income in India through his representative in India and getting the assessment completed by the department. Because based on the assessment order it could be established that the capital gain in not taxable.
However as per the new provision about TCS on remittance which is applicable from 01.10.2020 on all remittance TCS is required to be collected by the authorised dealer at the applicable rate on amount of remittance where aggregate remittance is more than INR 7 Lakh. So the TCS will be collected by the authorised dealer which can be claimed refund through ITR of next year. Even the TDS is deducted that TDS may not be the proof of discharge of whole tax liability. The authorised dealer may retain TCS on that.
Posted by
CA. JHA SHANKAR KUMAR on
Sep 29, 2020