What is kind 15CB and when is it required?
2 min readI’m a non-resident Indian (NRI) and have non-resident unusual (NRO) and non-resident exterior (NRE) accounts in India. I must switch my financial savings from my wage (all taxes paid) to the US. Am I required to provide Form 15CB for a similar?
— Name withheld on request
Form 15CB is a certificates that’s required from a chartered accountant, in case cash is being remitted exterior from India. The kind 15CB certifies that tax has been paid on the quantity that’s being remitted exterior India. However, such a certificates will not be wanted if the cash is shipped by an NRI for the upkeep of his/ her household by the liberalized remittance scheme. Still, some banks might ask for this certificates earlier than a switch could be made. It is advisable to test along with your financial institution concerning the necessities.
I wish to promote some land in India. Are there any exemptions that may be availed of to attenuate taxes? If the property was bought earlier than 2001, what indexation and property worth could be considered to calculate long run capital good points (LTCG)?
— Name withheld on request
LTCG could be exempted in all its entirety u/s 54F, if the proceeds from the sale of the aforesaid land are invested within the acquisition or development of a home/ flat in India.
Another possibility is to spend money on part 54EC bonds inside six months of promoting the land . The most quantity that may be invested in such bonds is ₹50 lakh.
If the property is bought previous to 1 April 2001, then a registered valuer could also be appointed to worth the property as on 1 April 2001 for the aim of computing earnings tax.
I work in Qatar and have an NRE account in India. One of my pals working within the US must switch some quantity to my NRE account. Would I face any situation if he sends $20,000 in a single switch?
— Name withheld on request
There is not any restrict as such on receiving cash in an NRE account on a yearly or month-to-month foundation. Therefore, you’ll be able to obtain cash in your NRE account in India out of your buddy.
However, since your buddy is working within the US, there could also be native tax guidelines which will apply, subsequently it is crucial that your buddy is in compliance with these guidelines.
Archit Gupta is founder and chief government officer, Clear.in.
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