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LRS - MAIN UMBRELLA FOR RESIDENT INDIVIDUALS, PRIVATE VISITS, GIFT DONATION, GOING ABROAD ON EMPLOYMENT, EMIGRATION, MAINTENANCE OF CLOSE RELATIVES ABROAD, BUSINESS TRIP, MEDICAL TREATMENT ABROAD, STUDIES ABROAD, SURRENDER P
What is the annual limit under the Liberalised Remittance Scheme (LRS) for a resident individual?
The annual limit under LRS is USD 2,50,000 per financial year per individual. This covers all permissible current and capital account transactions combined.
Under LRS, can a resident individual open a foreign currency account with a bank outside India?
Yes, resident individuals can open foreign currency accounts abroad under LRS.
Who is eligible to remit money under the Liberalised Remittance Scheme?
All resident individuals, including minors, are eligible under LRS. In the case of minors, the Form A2 must be signed by the minor's natural guardian.
What is the TCS rate applicable on LRS remittances exceeding ₹7 lakh in a financial year?
TCS is levied at 20% on LRS remittances exceeding ₹7 lakh annually.
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