What is remittance under LRS?

The Liberalised Remittance Scheme is what enables parents to send money to their child studying abroad. This scheme is available to any resident individual (adult or minor). You can send up to $2,50,000 abroad in each financial year. The LRS is unavailable to corporates, partnership firms, HUF or Charitable Trusts.

Who all are eligible to do remittances under LRS?

Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

What is RBI remittance?

The Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) allows resident individuals to remit a certain amount of money during a financial year to another country for investment and expenditure. According to the prevailing regulations, resident individuals may remit up to $250,000 per financial year.

Can a resident individual send remittances and purchase property outside India?

Q. 2 Can a resident individual send remittances and purchase property outside India? Answer: A resident individual can send remittances under the Liberalised Remittance Scheme (LRS) for purchasing immovable property outside India.

Is 15CA CB required for transactions under LRS?

What are the transactions under the LRS for which RBI approval is not required and therefore 15CA and 15CB is not required? Ans. A resident Individual can avail of foreign exchange facility for certain purposes taken together within the limit of USD 2,50,000 in a financial year without the prior approval of RBI.

Can Pio inherit property in India?

A non-resident Indian (NRI) or person of Indian origin (PIO), can inherit any immovable property in India, whether it is residential or commercial. They can even inherit agricultural land or a farmhouse, which they are otherwise not entitled to acquire by way of purchase.

Can a non citizen buy property in India?

Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.

What is 15CA?

Form 15CA is a declaration of remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. Thus the Form 15CA is required to be filed online with the tax department. After that, proof of online submission should be printed out.