NRI and overseas · Property, accounts and remittances
How much can a resident send abroad under LRS, and when are Forms 15CA and 15CB needed?
Short answer
A resident individual can send up to USD 250,000 a financial year abroad under the RBI's Liberalised Remittance Scheme, for travel, education, medical treatment, gifts, maintenance of relatives and investment. Banks collect TCS above ₹10 lakh a year. Forms 15CA and 15CB (now Forms 145 and 146) apply to payments to non-residents that are taxable in India, for example from an NRO account; most personal LRS remittances are on the exempt list.
The LRS limit
- USD 250,000 per person per financial year, including minors (through a guardian).
- Allowed: private and business travel, education, medical treatment, gifts and donations, maintenance of relatives abroad, emigration, and investment abroad (shares, mutual funds, property, deposits), within the overseas investment rules.
- Not allowed: margin trading, lottery and betting, and foreign-exchange trading on unauthorised platforms.
- Give your PAN and Form A2 to the bank. Remittances through all banks count together.
TCS
Banks collect TCS on LRS remittances above ₹10 lakh a year, at rates that depend on the purpose. TCS is not an extra tax: claim it in your return. See TCS on foreign remittances for the current rates.
Forms 15CA and 15CB (now 145 and 146)
These apply to payments to a non-resident:
| Situation | What is needed |
|---|---|
| Remittance on the exempt list in the rules (for example, most personal LRS remittances by individuals, travel, education, imports of goods) | Neither form |
| Not taxable in India, and not on the list | Form 15CA, Part D |
| Taxable, and up to ₹5 lakh in the year | Form 15CA, Part A |
| Taxable, above ₹5 lakh, with a lower-deduction certificate or order | Form 15CA, Part B |
| Taxable, above ₹5 lakh, without such a certificate | Form 15CA, Part C, with a CA's certificate in Form 15CB |
NRIs repatriating money from an NRO account (sale proceeds, rent, savings) usually need Form 15CA and, for taxable amounts, Form 15CB. The CA checks that tax has been paid or deducted on the money being sent.
Reporting later
Investments and accounts held abroad must be reported in Schedule FA of your return while you are resident. See Schedule FA.
Legal basis
- Foreign Exchange Management Act, 1999; RBI Master Direction on the Liberalised Remittance Scheme
- Section 195(6), Income-tax Act, 1961, now section 393, Income-tax Act, 2025; Forms 15CA and 15CB, now Forms 145 and 146
Official sources
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