Let us discuss in this article if you can transfer funds from India to US on sale of property.
Transfer of money from India to US is subject to the RBI (Reserve Bank of India) regulations. Following is the step wise procedue which you would need to follow:
Step by step procedure :
- Receive money on sale of property through legal banking channel – Make sure that you receive the money on sale of your property through legal banking channels. Documentary proof may be required to be produced at the time of transfering the funds. The amount received should be deposited in your NRO account.
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2. Obtain certificate from Chartered Accountant (CA) in Form 15CB – This certificate needs to be obtained from your Chartered Accountant in India. The purpose of this form is basically to verify that the funds being sent abroad are acquired through legal sources and the taxes due thereon have been paid in full.
3. Fill out Form 15CA – This form is required with the Income Tax department by the person who is remitting the funds abroad. It can be accessed oline at
https://onlineservices.tin.nsdl.com/TIN/JSP/tds/enterForm15CA.jsp
4. Once you submit Form 15CA, take a print out of this form and submit it along with Form 15CB to the bank.
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