2

I am a naturalized US citizen. I want to bring my assets from India to US. My assets are sold and in a bank account. What are the steps to bring the money to the US? It is worth 1.25 Crore and I have already paid the 20% tax in India.

1 Answer 1

1

What are the steps to bring the money to the US? It is worth 1.25 Crore and I have already paid the 20% tax in India.

Under the Liberalized Remittance Scheme an Individual can repatriate funds upto USD 250,000 without any paperwork.

However most banks would be cautious and request for Form 15CA and Form 15CB if you are moving funds from NRO Account. Form 15 CA you would need to declare why you are moving the said funds. The Form 15 CB is to be filled by Chartered Account certifying that relevant taxes have been already paid to Income Tax.

Most Banks would offer these services. Compare the Fx Rate and Fees before you make a decision as to which Bank to proceed with.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.