GIFT City & Global Investing · advanced
GIFT City Advanced — LRS, TCS & Reporting
The Liberalised Remittance Scheme in detail: its limit and its permitted and prohibited uses, tax collected at source on remittances and how it is credited, and reporting foreign assets in the income-tax return.
- 01LRS in Detail — Limits, Permitted and Prohibited UsesThe Liberalised Remittance Scheme (LRS) is the RBI framework through which a resident individual sends money abroad, including to the GIFT IFSC. This lesson covers who may use it, how the annual limit is counted, when family limits can be combined, what is prohibited, and the 180-day rule.
- 02TCS on Remittances and How It Is CreditedTax collected at source (TCS) is collected by the bank when a resident remits money abroad under the Liberalised Remittance Scheme. This lesson sets out the threshold and rates as of October 2026, shows how the amount is worked out, and explains how it is credited against income tax.
- 03Reporting Foreign Assets — Schedule FA and the Black Money ActA resident who holds assets abroad must report them, and the income from them, in Schedule FA of the income-tax return. This lesson explains what the schedule asks for, the penalty under the Black Money Act for not reporting, and the relief for small holdings.