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Foreign Remittance for meeting expanses during study abroad.
I remitted Foreign Remittance to son to meet the expanses during his studies abroad. it is under sub rule (2)Rule 124(I). what is the limit and how it is treated while filing ITR of relevant year.
Replies (2)
Part of the overall LRS so a quarter million dollars per year (ie 2.5 lakh dollars).
No special treatment in your accounts, just combine it with your personal expenses / drawings / withdrawals from capital.
And if the bank charges you TCS remember to take credit for it in your return just like you would for TDS.
Pretty straightforward.
Thanks dear
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