Foreign Remittance_Urgent

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..... Dear Experts,' Please resolve my query. NRI had incorporated a pvt. ltd. company and holds 99% shares of that company, share capital of rs. 10 lacs. Now He had transferred rs. 90 lacs to pvt. ltd in the year of 2011 from his NRO Account. Apart from share capital shall be treated as Loan from Directors i.e. 80 lacs. And company had purchased immovable property out of this funds. Now in the y .....

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..... ear of 2016 Company sold out the above mentioned property amounted of rs. 95 lacs Now as per income tax provisions NO capital gain would be attracted as because after cost inflation index its cost is higher than its sale proceeds. Now company has transferred the sale proceeds of immovable property to its director's account i.e. in NRO Account. Now Director(NRI) wants to take it back to USA f .....

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..... rom his NRO Account But Bank is not doing the foreign remittance as banker is saying that It needs RBI Approval. Now the question is Whether it needs RBI approval or not, if yes please suggest how to get approval from RBI and what documents i need to produce to officer. If no then please suggest what shall i do in this regard??? Thanks alot in advance for considering query. - Reply By Ganesha .....

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..... n Kalyani - The Reply = Remittance of amount above certain limits require RBI approval. - Reply By CA. Varun Arora - The Reply = Dear Kalyani Sir, I think LImit is ₹ 1 Million Dollar means An NRI can remit 1 Million Dollar outside without getting RBI Approval per financial year. But in my case amount is below this limit ?? Please suggest if i am missing any circular or Notification.. .....

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..... Thanks alot for your valuable suggestion. - Reply By Ganeshan Kalyani - The Reply = Sir, pls check RBI/2013-14/181 A. P. (DIR Series) Circular No.24 dated August 14, 2013. - Foreign Remittance_Urgent - Query Started By: - CA. Varun Arora Dated:- 3-12-2016 FEMA - Foreign Exchange Management - Got 3 Replies - FEMA - Discussion Forum - Knowledge Sharing, reply post by an expert, personal o .....

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..... pinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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