Foreign transaction from india

Tax queries 145 views 4 replies

Hi, I want to transfer amt 5 lac to abroad  from my account. Is there any tax implications on this transaction  for me.

Kindly suggest...

Replies (4)

Depending on the amount and reason, the bank will deduct TCS over and above the transfer amount.

But you can always claim it back at the end of the year.

Other than that, no issues. And no income tax implications (ie it will not add to the tax you have to pay for the year).

 

If it is for studies , medical exp etc then it is allowed under LRS

Thanks for ur valuable reply.. this transaction  not a specific.  Some one requested to do this help so i will do this transaction  from my account.  I want to know this transaction will effect to my income tax records. Iam salaried employee.

 

"Gift or donation" is an acceptable purpose under LRS.

There is no tax implication if the amount is lower than your disclosed income and savings.

If the tax dept sends a query, you should be able to provide all details of the transactions including the details of the recipient. Please collect all details in advance.


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