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Does LRS limit apply to NRO account?
Mint Mumbai
|February 20, 2024
I am a businessman and run a clothing company in India. My daughter has gone to the US for her undergraduate studies.
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I want to gift her a sum of approximately 15 crore for her future security. I am aware that if I transfer money to her foreign bank account, I would be able to transfer only $250,000 in a financial year as per LRS (Liberalised Remittance Scheme) limits and it will be subject to TCS (tax collected at source). I have been advised that I can instead gift her this entire sum in her NRO (non-resident ordinary) account in India at one go and then she will be able to remit $1 million per financial year outside India. Is this correct? Would this route attract TCS too? -Name withheld on request
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