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...
4 Replies
JJJ
(Need help)
(675 Points)
Replied 11 February 2022
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).
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 February 2022
If it is for studies , medical exp etc then it is allowed under LRS
gvinod
(Asst manager accounts)
(15 Points)
Replied 12 February 2022
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.
S A
(55 Points)
Replied 13 February 2022
"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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