19 August 2011
there is no Income tax incidence if remittance is from Taxable income on whihc tax is paid.
under FEMA it has to been seen on what account [current a/c [medical treatment, study, travel etc.) or capital account (purchase of property abraod, share/ debentures or what) amount is to be transferred.
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 200,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
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