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New Member
posted Aug 29, 2024 2:03:59 PM

dollar transfer from india to us

I presume I can transfer $5000 each year from India to U.S.A without Form 15ca. If this is right can both myself and my wife transfer $5000 each. This will be from a joint NRO account we have in India

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2 Replies
Level 15
Aug 29, 2024 4:25:41 PM

@shankarneeda , Namaste ji.

 

You are asking about requirement of a form  dictated by  Indian Income Tax Code.  We really cannot do justice to such  enquiry --- the requirement  / control of  Foreign Exchange  transfer in such cases is based on RBI and Indian  IT.    We generally   deal with US taxes  and currency controls .    The information on form 15-CA/CB  is at this site  -->  Form 15CA and form 15CB – Complete guide on filing| HDFC Life  

 

Only thing I can tell you for certain is  transfer of funds  from  / to  a foreign source  generally complies  with your financial institutions own policy and  US Treasury.  Thus  the bank will often raise a SAR  ( Suspicious Activity Report ), even if the amount is under  US$10,000  ( which is a general threshold ),  --- it generally results in nothing ,.

 Please consider consulting   an Income Tax lawyer in India  on this .

 

Is there more we can do for you ?

 

Namaste ji

 

pk

New Member
Aug 30, 2024 1:05:46 PM

Thank you