dollar transfer from india to us

[shankarneeda]

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

[pk]

@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

[shankarneeda]

Thank you