🧾 Certificates for Overseas Fund Transfers from India

If you're an NRI (Non-Resident Indian) who recently sold property in India, transferring those funds to your overseas bank account involves more than just visiting your bank. Before any remittance can take place, Indian tax regulations require NRIs to submit and obtain two critical certifications — Form 15CA and Form 15CB. In this blog, we explain what these forms are, why they are necessary, and how to obtain them smoothly.

🧾 What is Form 15CA?

Form 15CA is a declaration by the remitter that tax has been deducted (if applicable) before making a remittance to a non-resident. It serves as a way for the Indian government to track foreign exchange outflows and ensure tax compliance.

  • It must be submitted online on the Income Tax Department portal.
  • It includes details like the amount, nature of the remittance, and recipient details.
  • In many cases, it is a mandatory precondition for the bank to allow outward remittances.

📑 What is Form 15CB?

Form 15CB is a certificate issued by a Chartered Accountant (CA) that verifies:

  • The nature and purpose of the remittance,
  • Applicable provisions of the Double Taxation Avoidance Agreement (DTAA),
  • Tax deduction details (if any), and
  • Confirmation that the remittance complies with Indian tax laws.

🔍 Note: Form 15CB is not required in every case, but if the remittance amount exceeds ₹5 lakh in a financial year or if it is taxable, then Form 15CB becomes mandatory.

🔄 The Process: How It All Works

Here’s a simple breakdown of the process, as shown in the diagram above:

  1. Sell your property in India.
  2. Get a Chartered Accountant to issue Form 15CB based on the tax computation.
  3. Submit Form 15CA online.
  4. Initiate the fund transfer from your Indian account to your overseas account.
  5. Note that banks will not proceed without both forms if required.
  6. File your Income Tax Returns in India for the relevant year.
  7. If TDS (Tax Deducted at Source) was higher than actual tax liability, you can file for a refund.

💡 Why It’s Important to Use a Chartered Accountant

While Form 15CA can be filled online, Form 15CB must be signed digitally by a CA. Working with an experienced CA ensures:

  • Accurate tax calculation based on capital gains,
  • Proper application of DTAA benefits,
  • Avoidance of penalties due to incorrect remittance classifications.

📣 Final Thoughts

Transferring money overseas from India after selling property can seem overwhelming, but with the right guidance and documentation like Form 15CA and 15CB, the process becomes structured and compliant. Always work with a reputed Indian Chartered Accountant familiar with Non Resident tax laws and FEMA to ensure your funds move smoothly and legally.

iCA Certify has a team of experts with 40+ years of experience helping NRIs with overseas money transfers. Their expertise ensures you stay compliant and avoid delays or errors. If you're an NRI planning to transfer funds overseas, reach out to iCA Certify for fast, reliable, and professional support.

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