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Repatriation
Repatriation refers to the transfer of Indian Rupees from your Non-Resident Ordinary (NRO) Rupee Checking Account or NRO Deposit either in foreign currency to your overseas account or FCNR Deposit, or in Indian Rupees to your Non-Resident External (NRE) Rupee Checking Account.
Repatriation of funds from NRO Accounts is currently limited to US$ 1 MM (or equivalent) per financial year in India (April 1 – March 31) per Account Holder on the Account, subject to documentation requirements. This limit will apply to all NRO Accounts with Citibank India (Rupee Checking Account & Deposits) as well as all with other financial institutions in India, is an aggregate amount across all categories of repatriation and excludes current income.
We will require the following documents for repatriation:
- Repatriation Application Form
- Guidance to fill Repatriation Form
- FEMA Declaration (this form is also referred to as A2 Form)
- Guidance to fill A2 Form
- One Original copy of Form 15 CB (this form is to be provided by your Chartered Accountant)
- One Original copy of Form 15 CA
Click here for the list of BSR codes.
Please Note: You will need to complete this form online through the Indian Income Tax Authorities website (www.incometaxindia.gov.in), print and sign. The information in the Form 15 CA and 15 CB needs to be consistent and hence we recommend that you complete this Form after your Chartered Accountant has completed Form 15 CB)
- Signed photocopy of your PAN Card
- Copy of your Income Tax Returns filed in India (the returns must cover the period for which funds were earned in India).
- Depending on the source of funds in your account, we will also require additional documents. Please select source of income (Category and Sub-Category) below to learn more about the documents required.
Category
Sub Category
Please Note: We accept documents only in English. If the documents are in any other language, please provide a notarised translated copy in English along with the vernacular language document. If you repatriation covers multiple categories, we recommend that you provide the relevant documents for each category separately to ensure timely review of the documents provided.
The Reserve Bank of India requires all banks to complete due diligence and check for accuracy and genuineness of the documents provided for repatriation. To ensure that we comply with this requirement, we may be constrained to seek clarifications or ask for additional documentation. Depending on the type of repatriation request and the time it takes to review the documents provided, repatriation request may take anywhere between 10 days to 4 weeks for the transfer to be executed once we receive the complete set of documents. Citibank reserves the right to reject your repatriation request if you are unable to provide the documents required by Citibank to complete our due diligence as per the guidelines of the Reserve Bank of India and the Foreign Exchange Management Act.
Salary
- Copy of Salary Slip or Form 16A confirming the salary paid and tax deducted at source
- Copy of your NRO Rupee Checking Account to confirm the salary credits to your account
Pension, Provident Fund, Gratuity
- Proof of pension, provident fund or gratuity from Pension Office, Provident Fund Office or Employer
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Income reflected in the Computation of Income should match the income stated in the proof of such income provided
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Rent
- Copy of Registered Rent Agreement
Please Note: Rent Agreement needs to be duly stamped and registered as per the applicable state and city requirements.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Income reflected in the Computation of Income should match the income stated in the proof of such income provided
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment or Form 16 A issued by tenant)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Proof of taxes paid is required for all years in which you received rental income.
Dividends
- Copy of dividend warrants or Statement of your Citibank DEMAT or Mutual Fund Account showing proof of dividends
- Copy of your bank statement to confirm the dividend credits to your account
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Income reflected in the Computation of Income should match the income stated in the proof of such income provided
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
If dividend income is exempt from tax, this should be clearly stated in the Computation of Income by your Chartered Accountant.
Interest earned
- Copy of interest certificate
- Copy of your bank statement to confirm the interest credits to your account
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Income reflected in the Computation of Income should match the income stated in the proof of such income provided
If the interest was earned in a Citibank NRO Account, Computation of Income is not required. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
If the interest was earned in a Citibank NRO Account, Proof of taxes paid in India is not required.
Profits earned
- Partnership Deed to confirm that you are a partner with the Company and describe the nature of business of this company.
Please Note: The Partnership Deed will be reviewed to ensure that the agreement is not in violation of the FEMA regulations on Foreign Direct Investments.
- Declaration from the Company's Chartered Accountant that the amount paid to you is from the profits of the Company This declaration should include the Company Account Number, Check Number and Date. The decalaration should also confirm that this amount is being paid to you as a Partner in the Company after payment of all applicable taxes on the profits earned by the Company.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Income reflected in the Computation of Income should match the income stated in the proof of such income provided
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Booked from Repatriable Source of Funds
- Proof of transfer of funds from overseas or NRE or FCNR Account to book NRO Deposit
Please Note: If the funds were transferred from an NRO Account with any other financial instituion in India, we will require proof of transfer of funds from overseas or from an NRE or FCNR into this account prior to transfer to Citibank.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Income reflected in the Computation of Income should match the income stated in the proof of such income provided If the NRO deposit is with Citibank, Computation of Income is not required.
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
If the NRO deposit is with Citibank, Proof of taxes paid in India is not required.
Booked from NRO Deposits
Please Note: If the funds to book this deposit was not from overseas or from an NRE or FCNR Account, you will need to provide documentation required for the original source of funds. For example - if you booked an NRO Deposit from funds received through sale of property, you will need to provide documents related to Property Category.
Booked from gift received in India
Please Note: As per current regulations, NRO Deposits booked from gifts received by you cannot be repatriated.
Purchased with funds from NRE or NRO Accounts
Please Note: NRIs are not permitted to acquire agricultural land, plantation property or farm houses. Hence sale proceeds of such properties cannot be repatriated. Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, Hong Kong, Macau whether resident in India or outside India cannot acquire, transfer or sell property in India without the prior permission of the Reserve Bank of India.
- Copy of Registered Purchase Deed of the Property
Please Note: Purchase Deed needs to be duly stamped and registered as per the applicable state and city requirements.
- Copy of Registered Sale Deed of the Property
Please Note: Sale Deed needs to be duly stamped and registered as per the applicable state and city requirements. The name of the Seller on the Sale Deed needs to match the name on your NRO Account. Please also ensure that the property description in the Purchase Deed and the Sale Deed match (unless the property is sold in part).
- Proof of payments for purchase or property (Bank Statement or Copies of Cheques issued)
- Proof of Credit of Sale proceeds into the Account
Please Note: The Sale Deed will normally provide details of the Check Amount, Check Date & Bank for sale proceeds. This amount should match the credit to your NRO Account.
If the Sale Deed does not mention these details, we will need a declaration from your Chartered Accountant to confirm that the funds credited to your account are sale proceeds of the property transaction referred to in the Sale Deed. - Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Purchase amount mentioned in the Computation of Income should match the amount reflected in the Purchase Deed. Sale consideration mentioned in the Computation of Income should match the amount reflected in the Sale Deed.
If you have invested the capital gains in any Capital Gains Tax Saver Bonds, this should be clearly mentioned in the Computation of Income and proof of such investments should also be provided. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment or Form 16 A issued by buyer)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
- Property Sale Declaration.
This declaration is to confirm that the Sale proceeds under repatriation does not exceed sale of 2 residential properties in a financial year or Sale proceeds are from sale of commercial property (properties) and hence no limits for such properties.
Inherited Property
- Copy of Probated Will
Please Note: NRIs are not permitted to acquire agricultural land, plantation property or farm houses. Hence sale proceeds of such properties cannot be repatriated. Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, Hong Kong, Macau whether resident in India or outside India cannot acquire, transfer or sell property in India without the prior permission of the Reserve Bank of India.
Please Note: If a Probated Will is not available, you can also provide an Indian Court Issued Letter of Administration or Succession Certificate providing details of the assets of the deceased person from whom the property was inherited. In the case of multiple inheritors, your share must be clearly mentioned in the documents provided. In the case of property held by local development authorities, a No Objection Certificate or Mutation Letter from the Development Authorities with details of your ownership and share.
- Notorised copy of Death Certificate
Please provide a notorised copy of the Death Certificate of the person from whom the property was inherited. This name should match with the Will provided as above.
- Copy of Registered Sale Deed of the Property
Please Note: Sale Deed needs to be duly stamped and registered as per the applicable state and city requirements. The name of the Seller on the Sale Deed needs to match the name on your NRO Account. Please also ensure that the property description in the Purchase Deed and the Sale Deed match (unless the property is sold in part).
- Proof of Credit of Sale proceeds into the Account
Please Note: The Sale Deed will normally provide details of the Check Amount, Check Date & Bank for sale proceeds. This amount should match the credit to your NRO Account.
If the Sale Deed does not mention these details, we will need a declaration from your Chartered Accountant to confirm that the funds credited to your account are sale proceeds of the property transaction referred to in the Sale Deed. - Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Purchase amount mentioned in the Computation of Income should match the amount reflected in the Purchase Deed.Sale consideration mentioned in the Computation of Income should match the amount reflected in the Sale Deed.
If you have invested the capital gains in any Capital Gains Tax Saver Bonds, this should be clearly mentioned in the Computation of Income and proof of such investments should also be provided. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment or Form 16 A issued by buyer)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
- Property Sale Declaration.
This declaration is to confirm that the Sale proceeds under repatriation does not exceed sale of 2 residential properties in a financial year or Sale proceeds are from sale of commercial property (properties) and hence no limits for such properties.
Property received as gift
Please Note: NRIs are not permitted to acquire agricultural land, plantation property or farm houses. Hence sale proceeds of such properties cannot be repatriated. Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, Hong Kong, Macau whether resident in India or outside India cannot acquire, transfer or sell property in India without the prior permission of the Reserve Bank of India.
- Copy of Registered Gift Deed
Please Note: Gift Deed needs to be duly stamped and registered as per the applicable state and city requirements.
- Copy of Registered Sale Deed of the Property
Please Note: Sale Deed needs to be duly stamped and registered as per the applicable state and city requirements. The name of the Seller on the Sale Deed needs to match the name on your NRO Account. Please also ensure that the property description in the Purchase Deed and the Sale Deed match (unless the property is sold in part).
- Proof of Credit of Sale proceeds into the Account
Please Note: The Sale Deed will normally provide details of the Check Amount, Check Date & Bank for sale proceeds. This amount should match the credit to your NRO Account.
If the Sale Deed does not mention these details, we will need a declaration from your Chartered Accountant to confirm that the funds credited to your account are sale proceeds of the property transaction referred to in the Sale Deed. - Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Purchase amount mentioned in the Computation of Income should match the amount reflected in the Purchase Deed. Sale consideration mentioned in the Computation of Income should match the amount reflected in the Sale Deed.
If you have invested the capital gains in any Capital Gains Tax Saver Bonds, this should be clearly mentioned in the Computation of Income and proof of such investments should also be provided. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment or Form 16 A issued by buyer)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
- Property Sale Declaration.
This declaration is to confirm that the Sale proceeds under repatriation does not exceed sale of 2 residential properties in a financial year or Sale proceeds are from sale of commercial property (properties) and hence no limits for such properties.
Property Cancellation
Please Note: NRIs are not permitted to acquire agricultural land, plantation property or farm houses. Hence sale proceeds of such properties cannot be repatriated. Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, Hong Kong, Macau whether resident in India or outside India cannot acquire, transfer or sell property in India without the prior permission of the Reserve Bank of India.
- Copy of Registered Agreement with Builder or Developer providing details of the property you had intended to purchase.
Please Note: Registered Agreement needs to be duly stamped and registered as per the applicable state and city requirements.
- Proof of Cancellation of Property Deal
Please Note: Builder needs to provide a letter confirming the cancellation of the property transaction confirming the agreement details, amount being refunded along with the details of the check, interest paid if any.
- Proof of payments for purchase or property (Bank Statement or Copies of Cheques issued)
- Proof of Credit of Property Cancellation proceeds to your Account
Please provide copies of your statement reflecting the credits to your account or copies of cheques deposited to your account. These details need to match the details provided in the Cancellation Letter from the Builder or Developer.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Purchase amount mentioned in the Computation of Income should match the amount reflected in the Cancellation Letter from Builder.
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment or Form 16 A issued by developer)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Please Note: If you receive any interest for this, the interest component needs to be repatriated under the Current Income Category. Please refer to the documentation requirements under Current Income - Interest.
Repatriation of Property Cancellation can only be processed if there are no capital gains. If there are any capital gains, you will need to provide documents required for Sale of Property.
Sale of Mutual Funds
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- Statement from Fund House
The Statement from the Fund House should confirm that the funds were purchased by an NRI. The sale amount in the Fund House Statement should match the credit to your NRO Account.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Purchase amount mentioned in the Computation of Income should match the amount reflected in the Fund House Statement. Sale price mentioned in the Computation of Income should match the amount reflected in the Fund House Statement.
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant. If taxes were deducted at source, this should be reflected in the Fund House Statement.
Shares purchased in Private Placement
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- DEMAT Account Statement
The sale amount in the DEMAT Statement should match the credit to your NRO Account.
- FCGPR & FCTRS
Please provide the Unique Identification Number (UIN) issued by the Reserve Bank of India on submission of FCGPR. You will also need to provide an authorized dealer's acknowledgement that the FCTRS documents have been filed by the Seller or Buyer.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount credited to your NRO Account.
If the capital gains on sale of shares is exempt from tax, this should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Shares purchased in Secondary Market (Portfolio Investment Scheme Account)
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- DEMAT Account Statement
The DEMAT Statement should reflect the credits and transfers from the account. If the DEMAT Account is not with Citibank, we will also require a No Objection Certificate from the Authorized Dealer who holds this Portfolio Investment Scheme Account.
- Contract Note of Sale
Sale amount in the Contract Note should match the DEMAT Account and the amount being repatriated from your NRO Account.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
If the capital gains on sale of shares is exempt from tax, this should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Shares purchased in an IPO
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- DEMAT Account Statement
Sale amount in the DEMAT Statement should match the credit to your NRO Account. The DEMAT Account Statement also needs to confirm that these shares were purchased from an NRE Account. The DEMAT account statement should also provide a Client Master issued by the depository participant to confirm that these shares were purchased as an IPO.
- Contract Note of Sale
Sale amount in the Contract Note should match the DEMAT Account and the amount being repatriated from your NRO Account.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
If the capital gains on sale of shares is exempt from tax, this should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Shares purchased as a Resident Indian
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- DEMAT Account Statement
Sale amount in the DEMAT Statement should match the credit to your NRO Account. The DEMAT account statement should also provide a Client Master of the Resident Indian Account.
- Contract Note of Sale
Sale amount in the Contract Note should match the DEMAT Account and the amount being repatriated from your NRO Account.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
If the capital gains on sale of shares is exempt from tax, this should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Shares Inherited
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- Copy of Probated Will
Please Note: If a Probated Will is not available, you can also provide a Court Issued Letter of Administration or Succession Certificate providing details of the assets of the deceased person from whom the shares were inherited. In the case of multiple inheritors, your share must be clearly mentioned in the documents provided.
- Notorised copy of Death Certificate
Please provide a notorised copy of the Death Certificate of the person from whom the shares were inherited. This name should match with the Will provided as above.
- DEMAT Account Statement
Sale amount in the DEMAT Statement should match the credit to your NRO Account. The DEMAT account statement should also provide a Client Master of the Resident Indian Account.
- Contract Note of Sale
Sale amount in the Contract Note should match the DEMAT Account and the amount being repatriated from your NRO Account.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
If the capital gains on sale of shares is exempt from tax, this should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Surrender or Maturity of Insurance Policy
Please Note: Repatriation of sale proceeds of other financial assets is not allowed for citizens of Pakistan, Bangladesh, Nepal and Bhutan.
If you are a nominee of the insurance policy, please see documentation requirements under Inheritance Category.
- Insurance Surrender or Maturity documents issued by the Insurance Company
Please Note: The maturity amount or surrender value mentioned in this document should match the credit to your NRO Account for repatriation.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
If the capital gains on sale of shares is exempt from tax, this should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Cash Gift
Please Note: Repatriation of Cash Gifts from a Resident Indian is currently limited to US$250,000 per financial year.
- Gift Deed from Resident Indian with adequate stamp duty paid as per the local state laws
- Proof of transfer from Resident Indian's Bank Account (Check or Bank Statement showing transfer to your NRO Account)
- Declaration by Resident Indian acknowledged by Resident Indian's Bank Account that the Cash Gift has not exceeded the limits set by the Reserve Bank of India
Assets Inherited (Other than property)
- Copy of Probated Will
Please Note: If a Probated Will is not available, you can also provide an Indian Court Issued Letter of Administration or Succession Certificate providing details of the assets of the deceased person from whom the assets were inherited. In the case of multiple inheritors, your share must be clearly mentioned in the documents provided.
- Notorised copy of Death Certificate
Please provide a notorised copy of the Death Certificate of the person from whom the property was inherited. This name should match with the Will provided as above.
- Copy of your NRO Rupee Checking Account to confirm the credits to your account along with suporting documents for these credits
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
If there are multiple inheritors, your share should be clearly mentioned in the Computation of Income. - Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Financial assests inherited as a Nominee
- Proof of inheritance
Please Note: Please provide a confirmation from the Bank, Fund House or Insurance Company that you are a nominee registered with them along with details of the financial assest credited to your account.
- Notorised copy of Death Certificate
Please provide a notorised copy of the Death Certificate of the person from whom the property was inherited. This name should match with the Will provided as above.
- Computation of Income by a Chartered Accountant with signature and stamp of the Chartered Accountant's Firm
Please Note: Transaction amount mentioned in the Computation of Income should match the amount in the DEMAT Acocunt and Contract Note.
- Proof of taxes paid in India (Copy of Income Tax Return filed or Challan Copy of tax payment)
Please Note: Proof of taxes paid should match the tax stated in the Computation of Income by your Chartered Accountant.
Repayment of Loans given to Individuals & Companies
Please Note: The Foreign Exchange Management Act has specific guidelines on lending to Resident Indians. Resident Indians cannot use funds borrowed from NRIs for investment in Chit Funds, Nidhi Companies, Agricultural or Plantation Activities, Real Estate Business or construction of farm houses and trading in Transferrable Development Rights (TDRs). Further, the borrowed funds should not be used for any investment, by way of capital or otherwise, in any company, partnership or proprietorship firm, whether incorporated or not, or for re-lending.
- Copy of Registered Loan Agreement
Please Note: Registered Loan Agreement needs to be duly stamped and registered as per the applicable state and city requirements. The interest rate for this loan should not exceed 2 (two) percentage points over the prevailing Bank Rate on the date on which the laon was provided. The tenure of the loan should not exceed 3 years.
- Proof of funds from overseas for loan (Bank Statement or Copies of Cheques issued from your overseas account, NRE or FCNR Account)
Please Note: Interest on the loan is be treated current income. Please refer to the section on Current Income to understand documentation requirements.