Remittance of funds
Dhruv
(Querist) 05 May 2012
This query is : Open
Dear All,
An NRI lady staying in U.K. is a beneficiary to the Estate of her Late Mother who was a resident of India. Now the NRI lady has become mentally incapable and has issued Enduring Power of Attorney in favour of her husband which has been duly accepted and stamped by the Court of Protection there.
Now the Executor of the Estate wants to remit Sale proceeds of the flat sold owned by her Late mother to the NRI lady. TDS has been duly deducted and paid by the purchaser u/s 195 of the Income Tax Act, 1961 and the amount net of TDS has been deducted in the Ordinary Savings a/c account of the Estate with a nationalized bank. The problem is that the NRI lady does not have a bank account in her own name in U.K. where the funds could be remitted. The Bank people are refusing to remit funds to the bank account of the husband of the lady, who is her Enduring Power of Attorney holder, citing the reason that the husband can only accept funds in the name of her wife but cannot his wife's funds in his own name.
Kindly advise how to remit the funds.
