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Repatriation

What are the Tax implications in respect of remittance of assets?

All remittances are subject to payment of taxes as applicable in India – Authorised Dealers are to convince themselves on this aspect.

What is meant by Remittance of Assets?

‘Remittance of assets' means remittance outside India of funds representing a deposit with a bank or a firm or a company of:

  • provident fund balance
  • superannuation benefits
  • amount of claim or maturity proceeds of Insurance policy
  • sale proceeds of shares, securities, immovable property or any other asset held in India

What are the Tax implications in respect of remittance of assets?

All remittances are subject to payment of taxes as applicable in India – Authorised Dealers are to convince themselves on this aspect.

Can I repatriate money out of balances held in my NRO accounts?

Interest earnings can be repatriated. In addition to this, remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million The documents required to be produced for effecting a remittance are:

  • Account holder's Letter giving details of purpose of remittance and certifying the same
  • Cheque or debit authority if the same is not contained in the letter in item (i)
  • Application in Form A2
  • A certificate from a Chartered Accountant
  • FEMA Declaration to be filled in by the NRI

Can I repatriate money from my Property and Investment Income?

All forms of current income arising out of investments in India are repatriable. This includes income by way of interest, dividends, rentals, etc. Current income is repatriable even if the asset generating the income itself is not. There is no ceiling on the value of such remittances and the amounts are remitted out of the NRO Account based on the following documents: The documents required to be produced are:

  • Account holder's Letter instructing the remittance
  • Copy of document/s establishing the inheritance and value of proceeds credited to the NRO account
  • Chartered accountant's certificate in the format prescribed by IT authorities
  • Cheque or debit authority if the same is not contained in the letter in item (i)
  • Application in Form A2

Are funds in FCNR accounts freely repatriable abroad?

Yes

HOW IT WORKS

1

SELECT A PACKAGE

  • Select a service that you require
  • Choose a suitable Package or Plan depending on the Work involved the Services required
2

REGISTER

  • Submit or eMail your Contact details or provide the Client Registration Form
  • Provide basic documents (relevant KYC)
  • Make payment (Gateway, NEFT, Cheque, or Cash)
3

DOCUMENTATION

  • Speak to our Advisor
  • Submit your remaining documents / details by any of the following modes:
    • eMail to info@TaxAssist.in
    • Courier to HelpDesk
    • Visit to our Branches
    • or even WhatsApp
4

FINALIZATION

  • Once we have finalised, we will send you the Draft for Approval
  • Once approved & submissions made, you will receive Final Documents from us by eMail, courier or visit.

DOCUMENTS

To initiate the process, we will request you to provide us the following basic documents:
(We donot require any original documents. The documents can either be Emailed, Couriered, Physically delivered to our branches or even Whatsapped to us)

    Resident (Individuals)
  • PAN
  • Passport
  • PIO, OCI (if applicable)
  • Aadhaar Card
    Resident (Corporates)
  • PAN
  • TAN, VAT, GST
  • MOA, AOA
  • Incorporation Certificate
    NRI's & Expats
  • PAN
  • Passport
  • PIO, OCI, CDC (if applicable)
  • Aadhaar Card


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