What is Form 15CB and when is it required?

– Name withheld on request

Form 15CB is a certificate which is required from a Chartered Accountant, if money is being remitted outside India. Form 15CB certifies that tax has been paid on the amount being remitted outside India. However, such a certificate may not be required if the money is remitted by an NRI through a liberalized remittance scheme for the maintenance of his family. However, some banks may ask for this certificate before the transfer is made. It is advisable to check with your bank about the requirements.

I want to sell some land in India. Can any exemption be obtained for reducing taxes? If the property was purchased before 2001, which index and value of the property can be taken into account for computing Long Term Capital Gains (LTCG)?

– Name withheld on request

LTCG can be fully exempted under section 54F, if the proceeds from the sale of the above land are invested in the acquisition or construction of a house/flat in India.

Another option is to invest in Section 54EC bonds within six months of selling the land. The maximum amount that can be invested in such bonds is 50 lakhs.

If the property is purchased before 1st April 2001, a registered valuer can be appointed for the value of the property as on 1st April 2001 for the purpose of computing income tax.

I work in Qatar and I have NRE account in India. A friend of mine working in US needs to transfer some amount to my NRE account. Will I face any problems if he sends $20,000 in a single transfer?

– Name withheld on request

There is no limit to receive funds in NRE account on annual or monthly basis. Hence, you can get money from your friend in your NRE account in India.

However, since your friend is working in the US, local tax rules may apply, so it is important that your friend is complying with those rules.

Archit Gupta is the founder and CEO of Clear.in.