Q. Transfer from NRO to Overseas Account

Question

A NRI had sold his property and no TDS has been deducted by the Buyer as there was 3 buyers. The NRI has paid the advance tax for income on capital gain. Now, he wants to transfer surplus funds to abroad and the bank is asking for Form 15CB & 15CA. While filing form 15CB the remitter and the recipient of funds shall be the same person and what would be the nature of remittance? Since, there is no chargeability of tax on remittance as it is only repatriation of funds, can the same will be covered under "Repatriation of Surplus Funds" as Secondary Income and the Purpose code will be S1301: Remittance for family maintenance and savings.

Since, the income tax has been paid on Long Term Capital Gains in Advance and therefore, no tax is required to be deducted at the time of remittance.

Answer 1

Yes you can use these codes