REPATRIATION OF SALE PROCEEDS

[SSAFCA]

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

[nhgajria]

the sale proceeds could possibly gone in nro account and not in nre account as the local funds are not permitted to be deposited into nre account

rbi permits certain amount annually at present probably 50,000 us $  submit form 15 ca with ca certificate to bank after paying due tax on capital gain and get the funds transferred to nre account or remit to canada