Cash transfer to abroad
This query is : Resolved
CA Chintan Parikh
(Querist)
19 August 2011
Dear Expert
My Client want to transfer Money to his son in abroad.
Any liability as point of Income tax
and any procredure for the same is required
My Client want to transfer Money to his son in abroad.
Any liability as point of Income tax
and any procredure for the same is required
CA. Vikash Dwivedi
(Expert)
19 August 2011
there is no Income tax incidence if remittance is from Taxable income on whihc tax is paid.
under FEMA it has to been seen on what account [current a/c [medical treatment, study, travel etc.) or capital account (purchase of property abraod, share/ debentures or what) amount is to be transferred.
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 200,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
under FEMA it has to been seen on what account [current a/c [medical treatment, study, travel etc.) or capital account (purchase of property abraod, share/ debentures or what) amount is to be transferred.
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 200,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
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