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Hii Pringchi

If the NRI sister becomes a PR of any country will this PR status better safeguard the resident sister from being taxable for the gifts received via bank transfer ?

An individual is required to pay Tax Collected at Source (TCS) on an outbound remittance. As per the amendments in the Finance Bill (2020), under the Liberalised Remittance Scheme (LRS), a 5% foreign remittance tax i.e. TCS is applicable (10% in the absence of PAN details) on payments of more than Rs 7 lakh. In case of an education loan repayment, 0.5% TCS (5%, if no PAN details) will be levied on an amount exceeding Rs 7 lakh. An NRI or a foreign company is also subject to a surcharge and education and health cess.

Is it necessary to inform the India IT Dept on such remittances.
Hi Binda,
For instance, let's say you remit Rs. 5 lakh to a relative living in a foreign country. Under such circumstances, there will be a TCS of Rs. 1 lakh. Now, while filing your IT returns, you find a tax liability of Rs. 2.5 lakh. Under such circumstances, you can reduce your tax amount by adjusting it with the payable TCS. india money transfer from usa vs transferring money from us to india tax implications


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Regards

needs send money to india via 9 rupee exchange


You need to define who are all relatives.

Hii Pringchi

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