Money return -- tax

Sayed (Querist) 19 September 2012 This query is : Resolved
Dears,
I am an NRI. I was planning to purchase a flat in Mumbai through my Father-in-law.I transferred the money to my Father-in-law's account in Mumbai from my NRE account.The deal got cancelled and now i want to take back the money and purchase land elsewhere in different state.
Now if my Father-in-Law transfers the money back to my NRO account, is there going to be a tax or do i need to inform the bank?
Thanks & Regards,
Sayed

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A V Vishal (Expert) 19 September 2012
There is no tax, however once the amount is deposited into NRO account it can be repatriated only on submission of 15CA & 15 CB

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