{"id":4138,"date":"2023-04-21T17:00:35","date_gmt":"2023-04-21T11:30:35","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=4138"},"modified":"2023-05-11T14:46:42","modified_gmt":"2023-05-11T09:16:42","slug":"nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/","title":{"rendered":"NRI Selling Property in India: Understanding the Required Bank Account and Tax Compliance"},"content":{"rendered":"<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-2xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">The Reserve Bank of India (RBI) mandates that individuals transfer all income originating from India to an NRO (Non-Resident Ordinary) account before sending it to their home country to ensure taxes are paid and monitor the flow of funds. As a non-resident Indian (NRI) trying to sell a property in India, it is essential to know what type of bank account to open to receive the proceeds of the sale. In this article, we will discuss the necessary steps you need to take to ensure a smooth transaction.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h4>Hate reading, Watch the video<\/h4>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/NHimmv_-Occ\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-2xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex justify-between\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center mt-2 gap-3 md:gap-4 lg:gap-1 lg:absolute lg:top-0 lg:translate-x-full lg:right-0 lg:mt-0 lg:pl-2 visible\">\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654]\">\n<div class=\"text-base gap-4 md:gap-6 md:max-w-2xl lg:max-w-2xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0 m-auto\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The Reserve Bank of India (RBI) mandates that individuals must transfer all income originating from India to an NRO (Non-Resident Ordinary) account before sending it to their home country. This requirement is to ensure that taxes are paid and to monitor the flow of funds.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-between\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center mt-2 gap-3 md:gap-4 lg:gap-1 lg:absolute lg:top-0 lg:translate-x-full lg:right-0 lg:mt-0 lg:pl-2 visible\"><strong>For more info visit\u00a0 <a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\">https:\/\/aktassociates.com\/nri-lower-tds\/<\/a><\/strong><\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4144 size-large\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/4725542_45103-1024x868.jpg\" alt=\"Bank Account \" width=\"1024\" height=\"868\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/4725542_45103-1024x868.jpg 1024w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/4725542_45103-300x254.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/4725542_45103-768x651.jpg 768w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/4725542_45103-1536x1302.jpg 1536w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/4725542_45103-2048x1737.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">To open an NRO account, you will need to provide the necessary documents, including a copy of your passport and visa, proof of address abroad, and a PAN card. Once the account is open, you can start receiving funds from the sale of your property in India.<\/span><\/p>\n<h4><strong>Consult CA Arun Tiwari for more info \ud83d\udcde\u00a0 8080088288 or <a href=\"mailto:cs@aktassociates.com\">cs@aktassociates.com\u00a0<\/a><\/strong><\/h4>\n<p><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4139 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/C-4.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/C-4.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/C-4-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Before you can transfer the money from your NRO account to your home country, you will need to obtain a Certificate of Tax Compliance (Form 15CA\/15CB) from a chartered accountant. <\/span>You have paid all taxes due on the sale of your property, and you may use this certificate to confirm it. The chartered accountant issues the 15CB form as a certificate, while you make a declaration of remittance using the 15CA form. You will need both forms to transfer the money from your NRO account.<\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4020 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/Add-a-heading.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/Add-a-heading.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/Add-a-heading-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The limit for transferring money from an NRO account is USD 1 million per year. If you need to transfer more than this amount, you will need to provide additional documentation to the RBI.<\/span><\/p>\n<h4><strong>Summary<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In summary, if you are an NRI trying to sell your property in India, you will need to open an NRO account to receive the proceeds of the sale. You will also need to obtain a Certificate of Tax Compliance (Form 15CA\/15CB) from a chartered accountant before you can transfer the money to your home country. Make sure to keep all documentation organized and comply with RBI regulations to avoid any legal issues or delays in the transaction process.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India (RBI) mandates that individuals transfer all income originating from India to an NRO (Non-Resident Ordinary) &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"NRI Selling Property in India: Understanding the Required Bank Account and Tax Compliance\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/#more-4138\">Read more<span class=\"screen-reader-text\">NRI Selling Property in India: Understanding the Required Bank Account and Tax Compliance<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":4143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[169,98,172,171],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NRI Selling Property : Required Bank Account and Tax Compliance!<\/title>\n<meta name=\"description\" content=\"NRI selling property in India? 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You also need to obtain a Certificate of Tax Compliance (Form 15CA\/15CB) from a chartered accountant before you can transfer the money to your home country. The limit for transferring money from an NRO account is USD 1 million per year. Comply with RBI regulations to avoid legal issues or delays.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/\" \/>\n<meta property=\"og:site_name\" content=\"AKT Associates\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-21T11:30:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-11T09:16:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/NRI-Selling-Property-in-India-Understanding-the-Required-Bank-Account-and-Tax-Compliance-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"CA Arun Tiwari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NRI Selling Property in India: Understanding the Required Bank Account and Tax Compliance\" \/>\n<meta name=\"twitter:description\" content=\"If you&#039;re an NRI trying to sell property in India, you need to open an NRO account to receive the proceeds. All income originating from India must go to an NRO account before being transferred to your home country. You also need to obtain a Certificate of Tax Compliance (Form 15CA\/15CB) from a chartered accountant before you can transfer the money to your home country. The limit for transferring money from an NRO account is USD 1 million per year. 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All income originating from India must go to an NRO account before being transferred to your home country. You also need to obtain a Certificate of Tax Compliance (Form 15CA\/15CB) from a chartered accountant before you can transfer the money to your home country. The limit for transferring money from an NRO account is USD 1 million per year. Comply with RBI regulations to avoid legal issues or delays.","twitter_image":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/NRI-Selling-Property-in-India-Understanding-the-Required-Bank-Account-and-Tax-Compliance-2.png","twitter_misc":{"Written by":"CA Arun Tiwari","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/#article","isPartOf":{"@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/"},"author":{"name":"CA Arun Tiwari","@id":"https:\/\/aktassociates.com\/blog\/#\/schema\/person\/27565c59ca4857ec78a645bd21dca21d"},"headline":"NRI Selling Property in India: Understanding the Required Bank Account and Tax Compliance","datePublished":"2023-04-21T11:30:35+00:00","dateModified":"2023-05-11T09:16:42+00:00","mainEntityOfPage":{"@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/"},"wordCount":417,"commentCount":0,"publisher":{"@id":"https:\/\/aktassociates.com\/blog\/#organization"},"image":{"@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/#primaryimage"},"thumbnailUrl":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/NRI-Selling-Property-in-India-Understanding-the-Required-Bank-Account-and-Tax-Compliance-2.png","keywords":["nri property","nri selling property in india","sale of property by nri","sale of property in india by nri"],"articleSection":["NRI"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/","url":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/","name":"NRI Selling Property : Required Bank Account and Tax Compliance!","isPartOf":{"@id":"https:\/\/aktassociates.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/#primaryimage"},"image":{"@id":"https:\/\/aktassociates.com\/blog\/nri-selling-property-in-india-understanding-the-required-bank-account-and-tax-compliance\/#primaryimage"},"thumbnailUrl":"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/03\/NRI-Selling-Property-in-India-Understanding-the-Required-Bank-Account-and-Tax-Compliance-2.png","datePublished":"2023-04-21T11:30:35+00:00","dateModified":"2023-05-11T09:16:42+00:00","description":"NRI selling property in India? 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