Dear TaxGurus - I have sent less than Rs.7,50,000 to my relative outside India during FY20-21 as Financial help. Do I need to disclose that anywhere in the ITR for AY21-22? If Yes under which head?
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Do I need to show Foreign Remittance in ITR?
Replies (5)
Yes certainly.
No. Its not any inward remittance or income. Where will you declare it in ITR?
It is personal expenditure & will reflect in your capital account.
Oh it clearly mentions to relatives.
any forward remittance for business purpose must be shown.
any forward remittance for business purpose must be shown.
No need at all. Just combine with the rest of your personal expenses and list the total as a reduction from your capital account.
Just remember to claim credit for TCS if it's been deducted.
Sir, my boss has paid more than 40 lakh through the LRS Scheme, So where have to show in ITR
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