My clients' father acquired a house in 1964. Father died in 1986 and thus my client inherited the ancestral house in 1986.
In 2003, my Client migrated to Canada and became a citizen there in 2008.
In 2013, during a visit to India he sold his ancestral house and deposited the proceeds to his NRO/E account at New Delhi. Based on indexed value, there is no long-term capital gains tax arising on the transaction.
He now wishes to repatriate the entire funds to Canada.
Pl guide what formalities he may have to fulfill before remitting the funds out of India - he has an old PAN which he used before leaving India in 2003. Does he need to furnish Form 15CA/CB or seek any specific permission from any IT Authority etc
In 2003, my Client migrated to Canada and became a citizen there in 2008.
In 2013, during a visit to India he sold his ancestral house and deposited the proceeds to his NRO/E account at New Delhi. Based on indexed value, there is no long-term capital gains tax arising on the transaction.
He now wishes to repatriate the entire funds to Canada.
Pl guide what formalities he may have to fulfill before remitting the funds out of India - he has an old PAN which he used before leaving India in 2003. Does he need to furnish Form 15CA/CB or seek any specific permission from any IT Authority etc