Query regarding Form FC-TRS

    Posted By : damini / Published on : 11-Dec-2019 10:14 AM / View : 113 / Comment : 0
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    ear Members,

    Please reply regarding whether Form FC-TRS is required to file in following scenario or not:

    In a Indian Private Company, there is NRI shareholder whose residential status is Non-resident
    and is holding 50% shares. At the time of allotment of these 50% shares to him, his residential
    status was resident and he paid for allotment of shares through his Indian bank account.

    Now, this NRI shareholder is going to transfer his 20% shareholding to Indian resident
    and the Indian resident shall make payment of these shares to Non-Resident Indian
    in NRI's Indian Bank Account (which he is still operating). In such case, no money is
    remitted outside India for this sale of shares transaction.

    After all compliances, NRI shall remit funds outside India from his Indian bank account
    to his foreign bank account by not showing sale of shares proceeds but as general transfer of funds.


    Please advise whether in such case, Indian Company shall file Form FC-TRS or not.

    You are requested to reply as soon as possible.
    Read more on : form regarding query



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