REPATRIATION OF FUNDS
Most of the NRIs are likely to have properties in India when they were resident of India.
NRIs also tend to have inherited properties in India, which they sometimes sell when they are
settled abroad and have no plans to return to India. Some of the NRIs rent their properties
and get rentals in India. Some NRIs also invest foreign capital in properties, shares and deposits.
All the money from investment along with appreciated value get into their NRO accounts. NRIs are
allowed to repatriate an amount upon upto USD 1 million in a financial year from their NRO accounts.
Amount can be repatriated subject to all the tax compliance. NRI can repatriate funds along with
capital appreciation (if any), after payment of all the taxes due in India.
To repatriate money from India, an NRI must produce all the documentary evidence supporting the
source of money to be repatriated along with certificate from Chartered accountant in Form 15CB
and Form 15CA. Funds will only be repatriated to self-owned account in abroad.
Form 15CA is to be filled online at Income tax website for which Form 15CB is required from
Chartered Accountant. Form 15CB is a certificate to be issued by Chartered accountant that certifies
details of payments, TDS rate, DTAA compliance etc. Form 15CA can be prepared only after obtaining
Form 15CB. Bank will not proceed remittance without Form 15CB and Form 15CA.