Foreigner wants to send money to their contry

raki reddy (Querist) 12 February 2011 This query is : Resolved
Sirs,

One of my claint from USA, two years back, deposited an amount 50,00,000/- in a fixed deposited with SBI. She got the money by selling her property in USA.

Now she wants to take back money to her country.

what is the procedure.
Is (15CA) CA certificate enough or we have to get permission from RBI.

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Peeyush (Expert) 12 February 2011
I understand that your client is an NRI with USA citizenship.

She sold her asset in USA and after paying taxes in USA transferred money in India and have deposited that money in a FD scheme of SBI.

Now she is having interest income on FD and now want to take this money back to USA

if that is true then that person need to pay taxes on the interest what is applicable to NRI along with her other income in India and can transfer whole of the money to USA.

Of course CA's (15CA) certificate is mandatory.

Please note that said person can claim the rebate of tax paid in INDIA in USA under DTAA.

Peeyush